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Avon charges

This article was originally published in The Rose Sheet

Executive Summary

Savings of approximately $15 mil. pretax in 2003 and $40 mil.-$50 mil. in 2004 will be recorded as benefit of $43.6 mil. pretax charge scheduled to be taken in third quarter, direct-seller announces Oct. 2. Charge, which is part of Avon's business transformation initiative, will cover "severance expense in the areas of organization structure and supply chain in all geographic regions," company explains. Avon also will record $7.3 mil. pretax gain in the quarter due to an adjustment in a charge recorded in fourth quarter 2001...
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