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Fragrance maker Avon to release Q3 results on Oct 28

21
Sep '05
Beauty products seller Avon Products Inc announced it is revising its full-year 2005 earnings forecast downward from previous expectations of $2.03 to $2.08 per share. The company said that it now expects full-year earnings, including previously announced tax benefits of $.18 per share, to be up low-to-mid single digits compared with prior-year earnings of $1.77 per share, which included tax benefits of $.05 per share.

Full-year revenues are expected to increase mid-single digits (up slightly in local currencies), and full-year operating profit is anticipated to be flat to down somewhat.

Avon attributed the expected shortfall to general weakness across each of its four regions, with continued sales shortfall in China; slower than expected improvement in Central and Eastern Europe, including Russia; and deceleration in Latin America.

In addition, the company anticipates an impact on its US business from Hurricane Katrina and from the effects of higher fuel costs on its Representatives and their customers. The company noted that its guidance does not include the cost of any steps that it might take during the balance of the year to reduce its enterprise expense base.

As previously announced Avon will release its third-quarter results and host a conference call with senior management on Friday, October 28, 2005. In addition, Avon will hold its annual investor conference on Thursday, November 10, 2005, at which time it will discuss long-term plans and actions to improve performance.


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