NEW YORK, May 1, 2012 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP) today reported first-quarter 2012 results.
Kimberly Ross, Avon's Executive Vice President and Chief
Financial Officer said: "While our first-quarter operating
performance remained challenged, we are making progress toward
addressing some of our operational and cost-cutting opportunities.
With Sheri McCoy now on board, we
are confident that her broad leadership experience and skills in
managing large, complex, global organizations will help drive
Avon's future success. We look
forward to communicating further with investors about our future
growth strategy at the appropriate time."
First-Quarter 2012 (compared with first-quarter 2011)
Total revenue of $2.6 billion
decreased 2%, up 1% in constant dollars. Total units declined by 1%
and price/mix increased 2% during the quarter. Active
Representatives were down 2%.
On a category basis, Beauty sales declined 1%, up 2% in constant
dollars. On a reported basis, color was flat, fragrance and
skincare declined 1%, and personal care was down 2%.
Constant-dollar Beauty was driven by growth in all categories;
color was up 4%, fragrance increased 3%, skincare grew 2%, and
personal care was up 1%.
First-quarter 2012 gross margin was 60.8%, 310 basis points
lower than the prior-year quarter, primarily due to cost pressures,
including commodities and higher labor costs, as well as the
negative impact from both foreign exchange and product mix.
Selling, general and administrative expense in the quarter
increased as a percent of revenue by 350 basis points versus
first-quarter 2011, and increased 310 basis points on an adjusted
non-GAAP basis largely due to investments in the Representative
Value Proposition(2) ("RVP"), increased bad debt provisions in
South Africa, higher employment
costs, and increased investments in brochures. Avon invested an additional $29 million in RVP in the quarter, primarily in
the One Simple Sales Model in the U.S. and an increased focus on
Representative engagement in Brazil. This was partially offset by a
$7 million decline in advertising,
down 9% to $75 million.
In the quarter, we took actions to enhance our operating model,
reduce costs, and improve efficiencies. We recorded costs
associated with restructuring of $27
million pre-tax, up from $15
million pre-tax in the year-ago period, or $0.04 and $0.02 per
diluted share, respectively. Of the $27
million in the quarter, $22
million relates to the actions as described above, with the
remaining $5 million associated with
the 2005 and 2009 restructuring programs.
Operating profit was $72 million
in the quarter and operating margin was 2.8%. Adjusted non-GAAP
operating profit was $99 million and
adjusted non-GAAP operating margin was 3.8%, down 610 basis points
from the first quarter of 2011.
First-quarter 2012's effective tax rate was 32.3%, in line with
the first quarter of 2011. On an adjusted non-GAAP basis, the
effective tax rate was 32.9% versus 32.8% in first-quarter
2011.
Income from continuing operations in the first quarter of 2012
was $28 million, or $0.06 per diluted share. Adjusted non-GAAP income
from continuing operations was $46
million, or $0.10 per diluted
share.
With regards to cash flow, operating activities used
$33 million of cash during the first
quarter compared with a use of $32
million in the first quarter of 2011, as lower net income
was offset by improvements in working capital, including inventory
and lower pension contributions. The overall net cash used in the
first quarter was $30 million,
compared with a use of $165
million in first-quarter 2011, primarily due to lower debt
repayments and $44 million related to
the termination of two of our interest rate swap agreements.
Avon's net debt (total debt
less cash) for the first quarter of 2012 was $2.2 billion, up $104
million from the year-end level.
First-Quarter 2012 Regional Highlights (compared with
first-quarter 2011)
Latin
America
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$ in
millions
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First-Quarter 2012
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|
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% var.
vs 1Q11
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Total
revenue
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|
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|
|
|
|
|
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|
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|
$1,138.8
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1%
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|
C$
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5%
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Active
Representatives
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2%
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|
Units
|
|
|
|
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|
|
|
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(1%)
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Operating
profit
|
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|
|
|
|
|
|
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50.0
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(64%)
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|
Adjusted
operating profit
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|
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54.7
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(60%)
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Operating
margin
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4.4%
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(790
bps)
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Adjusted
operating margin
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4.8%
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(730
bps)
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- First-quarter constant-dollar revenue was driven by growth in
both average order and Active Representatives
- Brazil was down 4%, or up 2%
in constant dollars, driven by growth in Active Representatives.
Brazil's sales of Beauty products were flat with prior year,
but increased 6% in constant dollars. This was partially offset by
lower average order, due to uncompetitive pricing in Fashion &
Home, as well as continued lower-than-normal service levels.
Brazil sales were also negatively
impacted by increased competition
- Strong momentum continued in Mexico, which was up 2%, or up 10% in constant
dollars, driven by higher average order as well as an increase in
Active Representatives
- Venezuela grew 26% in both
reported and constant dollars, as average order benefited from
inflationary price increases
- The decline in adjusted non-GAAP operating margin was due to
lower gross margin throughout the region, driven by inflationary
cost pressures and negative foreign exchange. Operating margin was
also negatively impacted by higher wage inflation in Brazil, Argentina, and Venezuela, as well as continued investment in
RVP in Brazil
North
America
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$ in
millions
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|
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First-Quarter 2012
|
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|
|
|
|
|
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% var.
vs 1Q11
|
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Total
revenue
|
|
|
|
|
|
|
|
|
|
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|
$490.3
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(4%)
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|
C$
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|
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|
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(4%)
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Active
Representatives
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(10%)
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Units
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1%
|
|
Operating
profit
|
|
|
|
|
|
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4.6
|
|
(83%)
|
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Adjusted
operating profit
|
|
|
|
|
|
|
|
|
|
|
|
9.0
|
|
(77%)
|
|
Operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
0.9%
|
|
(450
bps)
|
|
Adjusted
operating margin
|
|
|
|
|
|
|
|
|
|
|
|
1.8%
|
|
(590
bps)
|
|
|
|
|
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|
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- Avon's core U.S. business
(which excludes Silpada) was down 2%, as average order growth,
which benefited from product portfolio enhancements of Smart Value
and giftables, was offset by a decline in Active
Representatives
- Silpada sales declined 17% due to declines in both Active
Representatives and average order
- The decline in adjusted non-GAAP operating margin was due to
lower gross margin, driven by product mix and cost pressures, as
well as costs related to the One Simple Sales Model
implementation
Central
& Eastern Europe
|
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|
|
|
|
|
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|
$ in
millions
|
|
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|
|
|
|
|
|
|
|
|
First-Quarter 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% var.
vs 1Q11
|
|
Total
revenue
|
|
|
|
|
|
|
|
|
|
|
|
$394.6
|
|
(4%)
|
|
C$
|
|
|
|
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|
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|
|
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|
|
-%
|
|
Active
Representatives
|
|
|
|
|
|
|
|
|
|
|
|
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(1%)
|
|
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5%)
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
|
|
62.6
|
|
(19%)
|
|
Adjusted
operating profit
|
|
|
|
|
|
|
|
|
|
|
|
65.4
|
|
(12%)
|
|
Operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
15.9%
|
|
(280
bps)
|
|
Adjusted
operating margin
|
|
|
|
|
|
|
|
|
|
|
|
16.6%
|
|
(140
bps)
|
|
|
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|
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|
|
- First-quarter constant-dollar revenue was flat, as higher
average order was offset by a decline in Active
Representatives
- Russia was down 1%, or up 1%
in constant dollars, due to an increase in Active
Representatives
- The decline in adjusted non-GAAP operating margin was primarily
due to lower gross margin, driven by cost pressures, and increased
investment in brochures
Western
Europe, Middle East & Africa
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|
|
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$ in
millions
|
|
|
|
|
|
|
|
|
|
|
|
First-Quarter 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% var.
vs 1Q11
|
|
Total
revenue
|
|
|
|
|
|
|
|
|
|
|
|
$330.0
|
|
(5%)
|
|
C$
|
|
|
|
|
|
|
|
|
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|
|
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1%
|
|
Active
Representatives
|
|
|
|
|
|
|
|
|
|
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(4%)
|
|
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2%
|
|
Operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
(6.1)
|
|
(118%)
|
|
Adjusted
operating loss
|
|
|
|
|
|
|
|
|
|
|
|
(4.3)
|
|
(113%)
|
|
Operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
(1.8%)
|
|
(1160
bps)
|
|
Adjusted
operating margin
|
|
|
|
|
|
|
|
|
|
|
|
(1.3%)
|
|
(1090
bps)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First-quarter constant-dollar revenue growth reflects higher
average order, which was partially offset by a decline in Active
Representatives
- U.K. and Continental Europe were down, partially reflecting a
continued weak macroeconomic environment
- Adjusted non-GAAP operating margin was negatively impacted by
6.7 points due to increased bad debt provisions in South Africa, and lower gross margin,
primarily due to foreign exchange
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
|
$ in
millions
|
|
|
|
|
|
|
|
|
|
|
|
First-Quarter 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% var.
vs 1Q11
|
|
Total
revenue
|
|
|
|
|
|
|
|
|
|
|
|
$221.7
|
|
(2%)
|
|
C$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4%)
|
|
Active
Representatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9%)
|
|
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3%)
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
|
|
15.4
|
|
(23%)
|
|
Adjusted
operating profit
|
|
|
|
|
|
|
|
|
|
|
|
16.1
|
|
(17%)
|
|
Operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
6.9%
|
|
(190
bps)
|
|
Adjusted
operating margin
|
|
|
|
|
|
|
|
|
|
|
|
7.3%
|
|
(120
bps)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- First-quarter constant-dollar revenue decreased due to a
decline in Active Representatives primarily in China, partially offset by higher average
order
- The Philippines grew 7%, or 5%
in constant dollars, due to growth in Active Representatives
- Offsetting the growth in the
Philippines were double-digit declines in China, as our transitioning to a
direct-selling business is facing greater-than-expected
challenges
- The region's adjusted non-GAAP operating margin decline was
primarily due to lower revenues on a fixed cost base, and higher
bad debt expense, partially offset by lower investments in RVP
Global
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in
millions
|
|
|
|
|
|
|
|
|
|
|
|
First-Quarter 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% var.
vs 1Q11
|
|
Total
global expenses
|
|
|
|
|
|
|
|
|
|
|
|
$165.5
|
|
(1%)
|
|
Allocated
to segments
|
|
|
|
|
|
|
|
|
|
|
|
(110.5)
|
|
(5%)
|
|
Net global
expenses
|
|
|
|
|
|
|
|
|
|
|
|
55.0
|
|
6%
|
|
Adjusted
net global expenses
|
|
|
|
|
|
|
|
|
|
|
|
42.1
|
|
-%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please note that effective April 1,
2012, Central and Eastern
Europe and Western Europe,
Middle East and Africa are being managed as a single operating
segment, and will be reported as one commercial business unit
starting in the second quarter.
Avon will conduct a conference
call at 9:00 A.M. today to discuss
the quarterly results. The dial-in number for the call is (800)
843-2086 in the U.S. or (706) 643-1815 from non-U.S. locations
(conference ID number: 69264786). The call will be webcast live at
www.avoninvestor.com and can be accessed or downloaded from that
site for a period of one year. Please refer to the Form 10-Q for
additional information on Avon's
results for the quarter.
Avon, the company for women, is
a leading global beauty company, with over $11 billion in annual revenue. As the world's
largest direct seller, Avon
markets to women in more than 100 countries through approximately
6.4 million active independent Avon Sales Representatives.
Avon's product line includes
beauty products, as well as fashion and home products, and features
such well-recognized brand names as Avon Color, ANEW,
Skin-So-Soft, Advance Techniques, Avon Naturals, and
mark. Learn more about Avon
and its products at www.avoncompany.com.
Footnotes
(1) "Adjusted" items refer to financial results presented in
accordance with US GAAP that have been adjusted to exclude
restructuring costs as described below, under "Non-GAAP Financial
Measures."
(2) "RVP" We have revised the definition of Representative Value
Proposition to represent the expenses of activities directly
associated with Representatives and sales leaders including the
cost of incentives and sales aids (net of any fees charged). RVP no
longer includes strategic investments such as the Service Model
Transformation and Web enablement, and it no longer adjusts for the
impact of volume.
Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
generally accepted accounting principles in the United States ("GAAP"), we disclose
operating results that have been adjusted to exclude the impact of
changes due to the translation of foreign currencies into U.S.
dollars. We refer to these adjusted growth rates as Constant $
growth, which is a non-GAAP financial measure. We believe this
measure provides investors an additional perspective on
trends. To exclude the impact of changes due to the
translation of foreign currencies into U.S. dollars, we calculate
current year results and prior year results at a constant exchange
rate. Currency impact is determined as the difference between
actual growth rates and constant currency growth rates.
We present gross margin, selling, general and administrative
expenses as a percentage of revenue, operating profit, operating
margin, income from continuing operations, earnings per share from
continuing operations and effective tax rate on a non-GAAP
basis. The discussion of our segments presents operating
profit and operating margin on a non-GAAP basis. We have
provided a quantitative reconciliation of the difference between
the non-GAAP financial measure and the financial measure calculated
and reported in accordance with GAAP. These non-GAAP measures
should not be considered in isolation, or as a substitute for, or
superior to, financial measures calculated in accordance with
GAAP. The Company uses the non-GAAP financial measures to
evaluate its operating performance and believes that it is
meaningful for investors to be made aware of, on a period-to-period
basis, the impacts of costs to implement ("CTI") restructuring
initiatives. The Company believes investors find the non-GAAP
information helpful in understanding the ongoing performance of
operations separate from items that may have a disproportionate
positive or negative impact on the Company's financial results in
any particular period.
CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR"
STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
Statements in this release that are not historical facts or
information are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
"estimate," "project," "forecast," "plan," "believe," "may,"
"expect," "anticipate," "intend," "planned," "potential," "can,"
"expectation" and similar expressions, or the negative of those
expressions, may identify forward-looking statements. Such
forward-looking statements are based on management's reasonable
current assumptions and expectations. Such forward-looking
statements involve risks, uncertainties and other factors, which
may cause the actual results, levels of activity, performance or
achievement of Avon to be
materially different from any future results expressed or implied
by such forward-looking statements, and there can be no assurance
that actual results will not differ materially from management's
expectations. Such factors include, among others, the
following:
- our ability to implement the key initiatives of, and realize
the gross and operating margins and projected benefits (in the
amounts and time schedules we expect) from, our global business
strategy, including our multi-year restructuring programs and any
initiatives arising under our long-range business review, product
mix and pricing strategies, Enterprise Resource Planning, customer
service initiatives, sales and operation planning process,
outsourcing strategies, Internet platform and technology
strategies, information technology and related system enhancements
and cash management, tax, foreign currency hedging and risk
management strategies;
- our ability to realize the anticipated benefits (including any
financial projections concerning, for example, future revenue,
profit, cash flow and operating margin increases) from our
multi-year restructuring programs, any initiatives arising under
our long-range business review or other initiatives on the time
schedules or in the amounts that we expect, and our plans to invest
these anticipated benefits ahead of future growth;
- the possibility of business disruption in connection with our
multi-year restructuring programs, long-range business review or
other initiatives;
- our ability to realize sustainable growth from our investments
in our brand and the direct-selling channel;
- our ability to transition our business in North America, including enhancing our Sales
Leadership model and optimizing our product portfolio;
- a general economic downturn, a recession globally or in one or
more of our geographic regions, or sudden disruption in business
conditions, and the ability of our broad-based geographic portfolio
to withstand an economic downturn, recession, cost inflation,
commodity cost pressures, economic or political instability,
competitive or other market pressures or conditions;
- the effect of political, legal, tax and regulatory risks
imposed on us in the United States
and abroad, our operations or our Representatives, including
foreign exchange or other restrictions, adoption, interpretation
and enforcement of foreign laws, including in non-U.S.
jurisdictions such as Brazil,
Venezuela and Argentina, and any changes thereto, as well as
reviews and investigations by government regulators that have
occurred or may occur from time to time, including, for example,
local regulatory scrutiny in China;
- our ability to effectively manage inventory and implement
initiatives to reduce inventory levels, including the potential
impact on cash flows and obsolescence;
- our ability to achieve growth objectives, particularly in our
largest markets, such as the U.S., and developing and emerging
markets, such as Brazil or
Russia;
- our ability to successfully identify new business opportunities
and identify and analyze acquisition candidates, secure financing
on favorable terms and negotiate and consummate acquisitions as
well as to successfully integrate or manage any acquired
business;
- the challenges to our acquired businesses, such as Silpada,
including the effect of rising costs, macro-economic pressures,
competition, and the impact of declines in expected future cash
flows and growth rates, and a change in the discount rate used to
determine the fair value of expected future cash flows, which have
impacted, and may continue to impact, the estimated fair value of
the recorded goodwill and intangible assets;
- the effect of economic factors, including inflation and
fluctuations in interest rates and currency exchange rates, as well
as the designation of Venezuela as
a highly inflationary economy, foreign exchange restrictions and
the potential effect of such factors on our business, results of
operations and financial condition;
- our ability to successfully transition to a direct-selling
business in China, including
retaining and increasing the number of Active Representatives, and
to maintain the estimated fair value of the recorded goodwill;
- general economic and business conditions in our markets,
including social, economic and political uncertainties in the
international markets in our portfolio;
- any developments in or consequences of investigations and
compliance reviews, and any litigation related thereto, including
the ongoing internal investigation and compliance reviews of
Foreign Corrupt Practices Act and related U.S. and foreign law
matters in China and additional
countries, as well as any disruption or adverse consequences
resulting from such investigations, reviews, related actions or
litigation;
- key information technology systems, process or site outages and
disruptions;
- disruption in our supply chain or manufacturing and
distribution operations;
- other sudden disruption in business operations beyond our
control as a result of events such as acts of terrorism or war,
natural disasters, pandemic situations, large-scale power outages
and similar events;
- the risk of product or ingredient shortages resulting from our
concentration of sourcing in fewer suppliers;
- the quality, safety and efficacy of our products;
- the success of our research and development activities;
- our ability to attract and retain key personnel;
- competitive uncertainties in our markets, including competition
from companies in the cosmetics, fragrances, skincare and
toiletries industry, some of which are larger than we are and have
greater resources;
- our ability to implement our Sales Leadership program globally,
to generate Representative activity, to increase the number of
consumers served per Representative and their engagement online, to
enhance the Representative and consumer experience and increase
Representative productivity through field activation programs,
execution of Service Model Transformation and other investments in
the direct-selling channel, and to compete with other
direct-selling organizations to recruit, retain and service
Representatives and to continue to innovate the direct-selling
model;
- the impact of the typically seasonal nature of our business,
adverse effect of rising energy, commodity and raw material prices,
changes in market trends, purchasing habits of our consumers and
changes in consumer preferences, particularly given the global
nature of our business and the conduct of our business in primarily
one channel;
- our ability to protect our intellectual property rights;
- the risk of an adverse outcome in any material pending and
future litigations or with respect to the legal status of
Representatives;
- our ratings, our access to cash and short and long-term
financing and ability to secure financing, or financing at
attractive rates;
- the impact of possible pension funding obligations, increased
pension expense and any changes in pension regulations or
interpretations thereof on our cash flow and results of operations;
and
- the impact of changes in tax rates on the value of our deferred
tax assets.
Additional information identifying such factors is contained in
Item 1A of our 2011 Form 10-K for the year ended
December 31, 2011. We undertake no obligation to update any
such forward-looking statements.
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited)
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Percent
|
|
|
|
|
|
March
31
|
|
Change
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
|
$
|
2,532.8
|
|
$
|
2,591.5
|
|
(2)%
|
|
Other
revenue
|
|
|
|
|
42.6
|
|
|
37.6
|
|
|
|
Total
revenue
|
|
|
|
|
2,575.4
|
|
|
2,629.1
|
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
1,009.8
|
|
|
949.8
|
|
|
|
Selling,
general and administrative expenses
|
|
|
|
|
1,494.1
|
|
|
1,432.8
|
|
|
|
Operating
profit
|
|
|
|
|
71.5
|
|
|
246.5
|
|
(71)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
24.6
|
|
|
22.7
|
|
|
|
Interest
income
|
|
|
|
|
(3.9)
|
|
|
(4.8)
|
|
|
|
Other
expense, net
|
|
|
|
|
10.0
|
|
|
3.7
|
|
|
|
Total
other expenses
|
|
|
|
|
30.7
|
|
|
21.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations, before tax
|
|
|
|
|
40.8
|
|
|
224.9
|
|
(82)%
|
|
Income
taxes
|
|
|
|
|
(13.2)
|
|
|
(72.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations, net of tax
|
|
|
|
|
27.6
|
|
|
152.2
|
|
(82)%
|
|
Discontinued operations, net of tax
|
|
|
|
|
-
|
|
|
(8.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
27.6
|
|
|
143.6
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
|
|
|
(1.1)
|
|
|
-
|
|
|
|
Net
income attributable to Avon
|
|
|
|
$
|
26.5
|
|
$
|
143.6
|
|
(82)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:(1)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS from continuing operations
|
|
|
|
$
|
.06
|
|
$
|
.35
|
|
(83)%
|
|
Basic EPS from discontinued
operations
|
|
|
|
$
|
-
|
|
$
|
(.02)
|
|
|
|
Basic EPS attributable to Avon
|
|
|
|
$
|
.06
|
|
$
|
.33
|
|
(82)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from continuing
operations
|
|
|
|
$
|
.06
|
|
$
|
.35
|
|
(83)%
|
|
Diluted EPS from discontinued
operations
|
|
|
|
$
|
-
|
|
$
|
(.02)
|
|
|
|
Diluted EPS attributable to Avon
|
|
|
|
$
|
.06
|
|
$
|
.33
|
|
(82)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
431.3
|
|
|
429.8
|
|
|
|
Diluted
|
|
|
|
|
432.1
|
|
|
432.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Under
the two-class method, earnings per share is calculated using net
earnings allocable to common shares, which is derived by reducing
net earnings by the earnings allocable to participating securities.
Net earnings allocable to common shares used in the basic and
diluted earnings per share calculation were $25.7 and $142.3 for
the three months ended March 31, 2012 and 2011, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31
|
|
December 31
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
|
|
|
$
|
1,215.2
|
|
$
|
1,245.1
|
|
Accounts
receivable, net
|
|
|
|
|
|
760.1
|
|
|
761.5
|
|
Inventories
|
|
|
|
|
|
1,250.8
|
|
|
1,161.3
|
|
Prepaid
expenses and other
|
|
|
|
|
|
917.8
|
|
|
930.9
|
|
Total
current assets
|
|
|
|
|
|
4,143.9
|
|
|
4,098.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Property,
plant and equipment, at cost
|
|
|
|
|
|
2,779.2
|
|
|
2,708.8
|
|
Less
accumulated depreciation
|
|
|
|
|
|
(1,189.9)
|
|
|
(1,137.3)
|
|
Property,
plant and equipment, net
|
|
|
|
|
|
1,589.3
|
|
|
1,571.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
|
487.3
|
|
|
473.1
|
|
Other
intangible assets, net
|
|
|
|
|
|
275.0
|
|
|
279.9
|
|
Other
assets
|
|
|
|
|
|
1,287.8
|
|
|
1,311.7
|
|
Total
assets
|
|
|
|
|
$
|
7,783.3
|
|
$
|
7,735.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Debt
maturing within one year
|
|
|
|
|
$
|
1,180.7
|
|
$
|
849.3
|
|
Accounts
payable
|
|
|
|
|
|
849.1
|
|
|
850.2
|
|
Accrued
compensation
|
|
|
|
|
|
214.1
|
|
|
217.1
|
|
Other
accrued liabilities
|
|
|
|
|
|
647.9
|
|
|
663.6
|
|
Sales and
taxes other than income
|
|
|
|
|
|
236.2
|
|
|
212.4
|
|
Income
taxes
|
|
|
|
|
|
26.1
|
|
|
98.4
|
|
Total
current liabilities
|
|
|
|
|
|
3,154.1
|
|
|
2,891.0
|
|
Long-term
debt
|
|
|
|
|
|
2,201.8
|
|
|
2,459.1
|
|
Employee
benefit plans
|
|
|
|
|
|
590.2
|
|
|
603.0
|
|
Long-term
income taxes
|
|
|
|
|
|
64.8
|
|
|
67.0
|
|
Other
liabilities
|
|
|
|
|
|
120.9
|
|
|
129.7
|
|
Total
liabilities
|
|
|
|
|
$
|
6,131.8
|
|
$
|
6,149.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
$
|
188.2
|
|
$
|
187.3
|
|
Additional
paid-in-capital
|
|
|
|
|
|
2,089.0
|
|
|
2,077.7
|
|
Retained
earnings
|
|
|
|
|
|
4,652.3
|
|
|
4,726.1
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(719.5)
|
|
|
(854.4)
|
|
Treasury
stock, at cost
|
|
|
|
|
|
(4,573.9)
|
|
|
(4,566.3)
|
|
Total Avon
shareholders' equity
|
|
|
|
|
|
1,636.1
|
|
|
1,570.4
|
|
Noncontrolling interest
|
|
|
|
|
|
15.4
|
|
|
14.8
|
|
Total
shareholders' equity
|
|
|
|
|
$
|
1,651.5
|
|
$
|
1,585.2
|
|
Total
liabilities and shareholders' equity
|
|
|
|
|
$
|
7,783.3
|
|
$
|
7,735.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
(Unaudited)
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows from Operating Activities
|
|
|
|
|
|
|
|
|
Income
from continuing operations, net of tax
|
|
|
$
|
27.6
|
|
$
|
152.2
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
60.5
|
|
|
55.4
|
|
Provision
for doubtful accounts
|
|
|
|
74.0
|
|
|
61.7
|
|
Provision
for obsolescence
|
|
|
|
28.3
|
|
|
24.1
|
|
Share-based compensation
|
|
|
|
10.7
|
|
|
12.0
|
|
Deferred
income taxes
|
|
|
|
(26.2)
|
|
|
(19.7)
|
|
Other
|
|
|
|
13.4
|
|
|
11.0
|
|
|
|
|
|
|
|
|
|
|
Changes in
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
(44.0)
|
|
|
(23.4)
|
|
Inventories
|
|
|
|
(80.1)
|
|
|
(142.0)
|
|
Prepaid
expenses and other
|
|
|
|
37.2
|
|
|
(22.6)
|
|
Accounts
payable and accrued liabilities
|
|
|
|
(60.7)
|
|
|
(55.3)
|
|
Income and
other taxes
|
|
|
|
(46.6)
|
|
|
(19.8)
|
|
Noncurrent
assets and liabilities
|
|
|
|
(27.1)
|
|
|
(65.2)
|
|
Net
cash used by operating activities of continuing
operations
|
|
|
|
(33.0)
|
|
|
(31.6)
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows from Investing Activities
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
|
(45.7)
|
|
|
(55.3)
|
|
Disposal
of assets
|
|
|
|
4.5
|
|
|
3.0
|
|
Purchases
of investments
|
|
|
|
(0.1)
|
|
|
(0.1)
|
|
Proceeds
from sale of investments
|
|
|
|
-
|
|
|
3.0
|
|
Net
cash used by investing activities of continuing
operations
|
|
|
|
(41.3)
|
|
|
(49.4)
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Cash
dividends
|
|
|
|
(100.0)
|
|
|
(98.7)
|
|
Debt, net
(maturities of three months or less)
|
|
|
|
50.2
|
|
|
520.3
|
|
Proceeds
from debt
|
|
|
|
66.4
|
|
|
27.5
|
|
Repayment
of debt
|
|
|
|
(41.1)
|
|
|
(554.6)
|
|
Interest
rate swap termination
|
|
|
|
43.6
|
|
|
-
|
|
Proceeds
from exercise of stock options
|
|
|
|
4.2
|
|
|
7.3
|
|
Excess tax
benefit realized from share-based compensation
|
|
|
|
(2.2)
|
|
|
0.7
|
|
Repurchase
of common stock
|
|
|
|
(7.4)
|
|
|
(5.8)
|
|
Net
cash provided (used) by financing activities of continuing
operations
|
|
|
|
13.7
|
|
|
(103.3)
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by investing activities of discontinued
operations
|
|
|
|
-
|
|
|
2.3
|
|
Net
cash provided by discontinued operations
|
|
|
|
-
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and equivalents
|
|
|
|
30.7
|
|
|
17.4
|
|
Net
change in cash and equivalents
|
|
|
|
(29.9)
|
|
|
(164.6)
|
|
Cash and
equivalents at beginning of year
|
|
|
$
|
1,245.1
|
|
$
|
1,179.9
|
|
Cash and
equivalents at end of period
|
|
|
$
|
1,215.2
|
|
$
|
1,015.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL SCHEDULE
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE
MONTHS ENDED 03/31/12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGIONAL RESULTS
|
|
$ in
Millions
|
|
Total
Revenue US$
|
|
C$
|
|
Units
|
|
Price/Mix C$
|
|
Active
Reps
|
|
Average
Order C$
|
|
|
|
|
|
% var.
vs
1Q11
|
|
% var.
vs 1Q11
|
|
% var.
vs
1Q11
|
|
% var.
vs 1Q11
|
|
% var.
vs 1Q11
|
|
% var.
vs 1Q11
|
|
Latin
America
|
|
$
|
1,138.8
|
1%
|
|
5%
|
|
|
(1)%
|
|
|
6%
|
|
2%
|
|
3%
|
|
North
America
|
|
|
490.3
|
(4)
|
|
(4)
|
|
|
1
|
|
|
(5)
|
|
(10)
|
|
6
|
|
Central
& Eastern Europe
|
|
|
394.6
|
(4)
|
|
-
|
|
|
(5)
|
|
|
5
|
|
(1)
|
|
1
|
|
Western
Europe, Middle East & Africa
|
|
|
330.0
|
(5)
|
|
1
|
|
|
2
|
|
|
(1)
|
|
(4)
|
|
5
|
|
Asia
Pacific
|
|
|
221.7
|
(2)
|
|
(4)
|
|
|
(3)
|
|
|
(1)
|
|
(9)
|
|
5
|
|
Total from
operations
|
|
|
2,575.4
|
(2)
|
|
1
|
|
|
(1)
|
|
|
2
|
|
(2)
|
|
3
|
|
Global and
other
|
|
|
-
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
$
|
2,575.4
|
(2)%
|
|
1%
|
|
|
(1)%
|
|
|
2%
|
|
(2)%
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
GAAP
Operating
Profit (Loss)
US$
|
% var.
vs
1Q11
|
|
2012
GAAP
Operating
Margin US$
|
|
2012
Non-GAAP
Operating
Profit (Loss)
US$ (1)
|
|
2011
Non-GAAP
Operating
Profit US$ (1)
|
|
2012
Non-GAAP
Operating
Margin (1)
|
|
2011
Non-GAAP
Operating
Margin (1)
|
|
Latin
America
|
|
$
|
50.0
|
(64)%
|
|
4.4%
|
|
$
|
54.7
|
|
$
|
137.2
|
|
4.8%
|
|
12.1%
|
|
North
America
|
|
|
4.6
|
(83)
|
|
0.9
|
|
|
9.0
|
|
|
39.4
|
|
1.8
|
|
7.7
|
|
Central
& Eastern Europe
|
|
|
62.6
|
(19)
|
|
15.9
|
|
|
65.4
|
|
|
74.0
|
|
16.6
|
|
18.0
|
|
Western
Europe, Middle East & Africa
|
|
|
(6.1)
|
(118)
|
|
(1.8)
|
|
|
(4.3)
|
|
|
33.2
|
|
(1.3)
|
|
9.6
|
|
Asia
Pacific
|
|
|
15.4
|
(23)
|
|
6.9
|
|
|
16.1
|
|
|
19.4
|
|
7.3
|
|
8.5
|
|
Total from
operations
|
|
|
126.5
|
(58)
|
|
4.9
|
|
|
140.9
|
|
|
303.2
|
|
5.5
|
|
11.5
|
|
Global and
other
|
|
|
(55.0)
|
(6)
|
|
-
|
|
|
(42.1)
|
|
|
(42.0)
|
|
-
|
|
-
|
|
Total
|
|
$
|
71.5
|
(71)%
|
|
2.8%
|
|
$
|
98.8
|
|
$
|
261.2
|
|
3.8%
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY SALES (US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
|
C$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% var.
vs 1Q11
|
|
% var.
vs 1Q11
|
|
Beauty
(color cosmetics/fragrances/skincare/personal care)
|
|
|
|
|
|
|
|
$
|
1,858.6
|
|
(1)%
|
|
2%
|
|
Fashion
(jewelry/watches/apparel/footwear/accessories/children's)
|
|
|
|
|
|
|
|
|
449.6
|
|
(8)
|
|
(6)
|
|
Home (gift
& decorative products/housewares/entertainment &
leisure/children's/nutrition)
|
|
|
|
|
|
|
|
224.6
|
|
(2)
|
|
1
|
|
Net
sales
|
|
|
|
|
|
|
|
|
|
|
$
|
2,532.8
|
|
(2)%
|
|
1%
|
|
Other
revenue
|
|
|
|
|
|
|
|
|
|
|
|
42.6
|
|
13
|
|
15
|
|
Total
revenue
|
|
|
|
|
|
|
|
|
|
|
$
|
2,575.4
|
|
(2)%
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beauty
Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fragrance
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)%
|
|
3%
|
|
Color
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
4
|
|
Skincare
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
2
|
|
Personal care
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)%
|
|
1%
|
|
|
|
|
|
|
|
(1)
|
For a
further discussion on our non-GAAP financial measures, please refer
to our discussion of non-GAAP financial measures in this release
and reconciliations of our non-GAAP financial measures to the
related GAAP financial measure in the following supplemental
schedules.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
SUPPLEMENTAL SCHEDULE
|
NON-GAAP FINANCIAL MEASURES
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
This
supplemental schedule provides adjusted non-GAAP financial
information and a quantitative reconciliation of the
difference between
the non-GAAP financial measure and the
financial measure calculated and reported in accordance with
GAAP.
|
|
|
|
|
|
|
|
|
|
$ in
Millions (except per share data)
|
|
THREE
MONTHS ENDED 03/31/12
|
|
|
|
|
|
|
|
|
|
|
CTI
|
|
|
|
|
|
|
Reported
|
|
restructuring
|
|
Adjusted
|
|
|
|
|
(GAAP)
|
|
initiatives
|
|
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
$
|
1,009.8
|
|
$
|
2.7
|
|
$
|
1,007.1
|
|
Selling,
general and administrative expenses
|
|
|
|
1,494.1
|
|
|
24.6
|
|
|
1,469.5
|
|
Operating
profit
|
|
|
|
71.5
|
|
|
27.3
|
|
|
98.8
|
|
Income
from continuing operations before taxes
|
|
|
|
40.8
|
|
|
27.3
|
|
|
68.1
|
|
Income
taxes
|
|
|
|
(13.2)
|
|
|
(9.2)
|
|
|
(22.4)
|
|
Income
from continuing operations
|
|
|
$
|
27.6
|
|
$
|
18.1
|
|
$
|
45.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS from continuing operations
|
|
0.06
|
|
|
0.04
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
60.8%
|
|
|
0.1
|
|
|
60.9%
|
|
SG&A
as a % of revenues
|
|
|
|
58.0%
|
|
|
(1.0)
|
|
|
57.1%
|
|
Operating
margin
|
|
2.8%
|
|
|
1.1
|
|
|
3.8%
|
|
Effective
tax rate
|
|
|
|
32.3%
|
|
|
0.6
|
|
|
32.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
OPERATING PROFIT (LOSS)
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
50.0
|
|
$
|
4.7
|
|
$
|
54.7
|
|
North
America
|
|
4.6
|
|
|
4.4
|
|
|
9.0
|
|
Central
& Eastern Europe
|
|
62.6
|
|
|
2.8
|
|
|
65.4
|
|
Western
Europe, Middle East & Africa
|
|
(6.1)
|
|
|
1.8
|
|
|
(4.3)
|
|
Asia
Pacific
|
|
15.4
|
|
|
0.7
|
|
|
16.1
|
|
Global and
other
|
|
(55.0)
|
|
|
12.9
|
|
|
(42.1)
|
|
Total
|
|
|
$
|
71.5
|
|
$
|
27.3
|
|
$
|
98.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
OPERATING MARGIN
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
4.4%
|
|
|
0.4
|
|
|
4.8%
|
|
North
America
|
|
0.9%
|
|
|
0.9
|
|
|
1.8%
|
|
Central
& Eastern Europe
|
|
15.9%
|
|
|
0.7
|
|
|
16.6%
|
|
Western
Europe, Middle East & Africa
|
|
(1.8)%
|
|
|
0.5
|
|
|
(1.3)%
|
|
Asia
Pacific
|
|
6.9%
|
|
|
0.3
|
|
|
7.3%
|
|
Global and
other
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
|
|
|
|
2.8%
|
|
|
1.1
|
|
|
3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in
the table above may not necessarily sum because the computations
are made independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVON
PRODUCTS, INC.
|
|
SUPPLEMENTAL SCHEDULE
|
|
NON-GAAP FINANCIAL MEASURES
|
|
(Unaudited)
|
|
$ in
Millions (except per share data)
|
|
THREE
MONTHS ENDED 03/31/11
|
|
|
|
|
|
|
CTI
|
|
|
|
|
|
|
Reported
|
|
restructuring
|
|
Adjusted
|
|
|
|
|
(GAAP)
|
|
initiatives
|
|
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
$
|
949.8
|
|
$
|
1.2
|
|
$
|
948.6
|
|
Selling,
general and administrative expenses
|
|
|
|
1,432.8
|
|
|
13.5
|
|
|
1,419.3
|
|
Operating
profit
|
|
|
|
246.5
|
|
|
14.7
|
|
|
261.2
|
|
Income
from continuing operations before taxes
|
|
|
|
224.9
|
|
|
14.7
|
|
|
239.6
|
|
Income
taxes
|
|
|
|
(72.7)
|
|
|
(5.8)
|
|
|
(78.5)
|
|
Income
from continuing operations
|
|
|
$
|
152.2
|
|
$
|
8.9
|
|
$
|
161.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS from continuing operations
|
|
0.35
|
|
|
0.02
|
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
63.9%
|
|
|
-
|
|
|
63.9%
|
|
SG&A
as a % of revenues
|
|
|
|
54.5%
|
|
|
(0.5)
|
|
|
54.0%
|
|
Operating
margin
|
|
9.4%
|
|
|
0.6
|
|
|
9.9%
|
|
Effective
tax rate
|
|
|
|
32.3%
|
|
|
0.4
|
|
|
32.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
OPERATING PROFIT
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
139.5
|
|
$
|
(2.3)
|
|
$
|
137.2
|
|
North
America
|
|
27.8
|
|
|
11.6
|
|
|
39.4
|
|
Central
& Eastern Europe
|
|
76.9
|
|
|
(2.9)
|
|
|
74.0
|
|
Western
Europe, Middle East & Africa
|
|
34.1
|
|
|
(0.9)
|
|
|
33.2
|
|
Asia
Pacific
|
|
19.9
|
|
|
(0.5)
|
|
|
19.4
|
|
Global and
other
|
|
(51.7)
|
|
|
9.7
|
|
|
(42.0)
|
|
Total
|
|
|
$
|
246.5
|
|
$
|
14.7
|
|
$
|
261.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
OPERATING MARGIN
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
12.3%
|
|
|
(0.2)
|
|
|
12.1%
|
|
North
America
|
|
5.4%
|
|
|
2.3
|
|
|
7.7%
|
|
Central
& Eastern Europe
|
|
18.7%
|
|
|
(0.7)
|
|
|
18.0%
|
|
Western
Europe, Middle East & Africa
|
|
9.8%
|
|
|
(0.3)
|
|
|
9.6%
|
|
Asia
Pacific
|
|
8.8%
|
|
|
(0.2)
|
|
|
8.5%
|
|
Global and
other
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
|
|
|
|
9.4%
|
|
|
0.6
|
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in
the table above may not necessarily sum because the computations
are made independently.
|
|
|
|
|
|
SOURCE Avon Products, Inc.