Avon's lagging edge unlikely to be stabilized by efforts to cut costs to fund brand reinvestments.
We’ve been saying Avon’s recent improvement was unlikely to persist, and the fourth-quarter setback supports our take. On the surface, Avon’s results (flat organic sales, 150-basis-point expansion in adjusted gross margins to 60.3%, and 130-basis-point gain in adjusted operating margins to 7.3%) were decent, but digging deeper tells a less favorable story.For one, the 2% decline in active representatives (which included a 9% erosion in Asia-Pacific and a 2% drop in Europe, the Middle East, and...
Avon Products is a manufacturer and marketer of beauty and related products. The company's product categories are Beauty and Fashion and Home. Beauty consists of skincare, fragrance and color (cosmetics). Fashion and Home consists of fashion jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products. The company's business is conducted primarily in one channel, direct selling. The company's reportable segments are based on geographic operations in four regions: Europe, Middle East & Africa; South Latin America; North Latin America; and Asia Pacific.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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