Avon Products Inc. shares (AVP) slid 3.5% in premarket trade Thursday, after the personal care products company missed revenue esitmates for the second quarter. The company said it had a net loss of $19.5 million, or 6 cents a share, in the quarter, after a loss of $36.1 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 6 cents, ahead of the 3 cents FactSet consensus. Revenue fell to $1.175 billion from $1.352 billion, missing the FactSet consensus of $1.235 billion. "Our focus on productivity in the second quarter, including less discounting, more effective incentives, optimizing promotions and more favorable mix, led to a 5% improvement in Average Representative Sales with price/mix up 9%," Chief Executive Jan Zijderveld said in a statement. "We have continued to improve mix and tiering by increasing our focus on higher priced categories, like Fragrance, Skin Care, and product bundles. " Shares have gained 180% in 2019, while the S&P 500 has gained 19%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 01, 2019 07:00 ET (11:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.