In line with its major turnaround initiative to boost brand competitiveness, Avon said it increased advertising in all regions, with the total spend growing 78 percent in the quarter to over $50 million, supporting the launch of several new products as well as the opening of direct selling in China.
At quarter end, Avon's total debt had increased $100 million from the year-end level, and cash had increased $56 million. Net cash provided by operating activities was $289 million through six months of 2006, up $56 million from the prior-year period.
Avon's share repurchases totaled $94 million and $138 million in the second quarter and first half of 2006, respectively. The company continues to repurchase its shares under an existing five-year, $1.0 billion repurchase authorization.
Avon, the company for women, is a leading global beauty company, with over $8 billion in annual revenue. As the world's largest direct seller, Avon markets to women in well over 100 countries through over five million independent Avon Sales Representatives.
Avon's product line includes beauty products, fashion jewelry and apparel, and features such well-recognized brand names as Avon Color, Anew, Skin-So-Soft, Avon Solutions, Advance Techniques, Avon Naturals, Mark, and Avon Wellness.
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