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Avon reports total beauty sales rise 7% for Q2

20
Jul '05
US based leading cosmetics, skin care, and fragrance manufacturer Avon Products Inc announced second quarter earnings.

Company sees 7-8% revenue growth in second half; full-year earnings forecast in range of $2.03-$2.08 per share.

The company reported the earnings in the second quarter 2005 increased to $.69 per share, including a $.20-per-share tax benefit ($.03 per share more than initially anticipated) primarily from settlements of prior-year audits that were completed in the second quarter.

These earnings compare with guidance of $.66 per share. In the second quarter 2004, earnings were $.49 per share, including a tax benefit of $.05 per share.

Avon said that revenue in the second quarter 2005 grew 6% (2% in local currencies) to $2.0 billion - on top of 13% growth in the year-ago period.

Revenue in the quarter was below expectations due to two factors which each impacted topline growth by approximately two points: an unexpected temporary decline in China as Beauty Boutique owners reacted with concern to the imminent resumption of direct selling in that country; and lower-than- anticipated revenue growth in Central and Eastern Europe resulting from underperformance of several key marketing offers as well as delayed expansion into new geographies within Russia.

Total Beauty sales in the second quarter 2005 rose 7%, active Representatives grew 6% and units increased 2%, respectively, versus the prior year.

Operating profit increased 6%, in line with revenue growth, and operating margin was 17.3%, including the impact of lower corporate expenses that resulted primarily from the reversal of accruals for 2005 performance- based compensation plans. Net income in the second quarter 2005 was $328.6 million, compared with $232.3 million a year ago.


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