Cosmetics maker Avon quarterly revenue misses estimates

Avon Products Inc on Thursday reported lower-than-expected total revenue, as it had fewer sales representatives to sell its products and was hurt by dwindling demand for its cosmetics in Latin America.

Total sales representatives declined 6 percent in markets across South Latin America, Europe, Middle East and Africa, and Asia Pacific for the quarter ended Dec. 31, 2018.

Total revenue fell 11 pct at $1.40 billion, missing the average analysts’ estimate of $1.43 billion, according to IBES data from Refinitiv.

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Revenue in South Latin America fell 15 percent to $488.3 million.

Net loss attributable to the company was $77.6 million, or 19 cents per share in the quarter, compared to a profit of $91.5 million, or 17 cents per share, a year earlier.

Avon’s loss was a result of restructuring costs of about $126 million before tax, primarily related to its turnaround initiative.

Excluding items, the company earned 7 cents per share, in line with analysts’ expectation of 7 cents, according to IBES data from Refinitiv.