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Avon restructuring charges

This article was originally published in The Rose Sheet

Executive Summary

Firm will take $80 mil.-$90 mil. charge in Q4 "for costs to accelerate the company's business transformation initiatives" in light of lower than expected results in Latin American markets, Avon tells analysts Dec. 7. Company expects Q4 sales to increase in mid-single digits, boosted by U.S. revenues that are trending up 8%-9%. Additional restructuring charges are possible in 2002. Nevertheless, initiatives, coupled with "underlying strength of our business fundamentals, should enable Avon to deliver double-digit growth in earnings per share and local currency sales next year," firm predicts...



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