topNavIncludeMedia

Press Releases

Avon Reports Third-Quarter Results

Revenue of $2.6 Billion 4% Lower Year over Year Due to Foreign Exchange Pressure; Up 7% on Local-Currency Basis, Driven by Strong Beauty Sales Active Representatives Up 10%; Units Up 5%; Beauty Units Up 6% Third-Quarter Earnings per Share of $.36, Includi

PRNewswire-FirstCall
NEW YORK
Oct 29, 2009

Avon Products, Inc. (NYSE: AVP) today reported third-quarter 2009 total revenue of $2.6 billion, 4% lower than that of 2008's third quarter, but up 7% on a local-currency basis as foreign exchange pressured growth by 11 percentage points. Beauty sales in the third quarter of 2009 were 3% lower versus the prior-year period, but increased 8% on a local-currency basis. Active Representatives grew 10%, with growth in all regions. Units overall rose 5% versus the prior-year quarter and Beauty units increased 6%.

Avon's 8% local-currency growth in Beauty sales included gains in all categories: fragrance, color cosmetics, skin care and personal care grew 9%, 17%, 1%, and 7%, respectively. On a reported basis, these growth rates were -4%, +4%, -8% and -4%, respectively.

Third-quarter 2009 gross margin of 62.6% was 50 basis points below that of the prior-year quarter. Strong manufacturing productivity gains, benefits from the company's Strategic Sourcing Initiative, and strategic price increases offset most of 140 basis points of unfavorable transaction-exchange impact on 2009 gross margin.

Selling, general and administrative expense in the quarter rose as a percent of revenue by 50 basis points versus 2008's third quarter. This was due primarily to higher year-over-year costs to implement restructuring initiatives as well as foreign exchange transaction impact.

Advertising for the quarter was $84 million, down $22 million from last year's period. The company was able to maintain its advertising presence at a level similar to a year ago, benefiting from improved buying productivity and general softness in media prices. Avon invested an incremental $7 million in the quarter on initiatives to further improve its Representative Value Proposition.

As announced earlier this month, third-quarter 2009 expenses included costs associated with the company's 2005 and 2009 restructuring programs totaling $34 million pretax, or $.06 per share after tax. This compared with costs of $14 million, or $.02 per share, related to the company's 2005 restructuring program in the prior-year period.

Third-quarter 2009 operating profit was $259 million compared with $297 million in the prior-year quarter. The company's third-quarter 2009 operating margin was 10.1%, compared with 11.2% in the third quarter of 2008. Costs to implement restructuring initiatives lowered 2009's operating margin 130 basis points and lowered 2008's operating margin by 50 basis points. Additionally, unfavorable foreign exchange lowered operating margin by an estimated 270 basis points (approximately 180 of that from foreign-exchange transaction and approximately 90 from foreign-exchange translation) year over year.

Third quarter 2009's effective tax rate of 32.0% compared with third quarter 2008's rate of 19.5%, which included one-time favorable tax adjustments. These adjustments benefited the prior-year period by $.09 per share.

Net income in the third quarter 2009 was $156 million, or $.36 per share, compared with $223 million, or $.52 per share, in the year-ago quarter.

At quarter end, Avon's total debt had increased $272 million from the year-end level, to $2.8 billion, and cash had increased $189 million, to $1.3 billion. Net cash provided by operating activities was $247 million through nine months of 2009 compared with $303 million of cash provided by operating activities in the same period of 2008, with the change due primarily to lower net income offset partially by the timing of payments related to the company's restructuring programs.

Third-Quarter Regional Results

Latin America's third-quarter 2009 revenue was 5% higher year over year, or up 18% on a local-currency basis. Local-currency revenue increased 22% in Brazil, 7% in Mexico and 24% in Venezuela, which, on a reported basis, were +7%, -18% and +24%, respectively. The region's Active Representatives grew 13%, and units sold were up 10%. Operating profit was 7% lower (but increased 4% in local currency) due primarily to the impact of unfavorable foreign exchange. Latin America's third-quarter operating margin was 17.3%.

Third-quarter revenue in North America declined 8%, with no material impact from foreign exchange. Active Representatives were up 4% versus the prior-year quarter. Units sold were 5% lower versus the prior year. The region's revenue continued to be pressured by lower consumer spending and a continued double-digit decline in non-Beauty (Fashion and Home categories). North America's third-quarter operating profit decreased 19% (-15% in local currency) versus the 2008 quarter as $11 million in costs to implement restructuring initiatives offset profit growth that had been achieved through significant cost control. The region's operating margin was 4.5%.

In Central & Eastern Europe, third-quarter revenue was 18% lower year over year but up 7% on a local-currency basis. Local-currency revenue increased 18% in Russia (-9% on a reported basis). The region's Active Representatives grew 8% in the quarter, and units sold were flat versus the prior-year's quarter. Operating profit decreased 21% (but increased 10% in local currency) versus the 2008 quarter, primarily due to the impact of unfavorable foreign exchange. The region's operating margin was 14.9%.

Western Europe, Middle East & Africa's third-quarter revenue decreased 6% versus the prior-year quarter but rose 7% on a local-currency basis. Local-currency revenue increased 2% in the U.K. and 10% in Turkey, which, on a reported basis, were -13% and -12%, respectively. The region's Active Representatives grew 9% year over year, and units sold increased 22%. Operating profit decreased 36% (-9% in local currency) versus the 2008 quarter, primarily due to the impact of unfavorable foreign exchange, but also costs to implement restructuring initiatives. The region's operating margin was 4.0%.

Asia-Pacific's third-quarter revenue increased 1% year over year (+2% on a local-currency basis). On a local-currency basis, 16% growth in the Philippines (+9% on a reported basis) offset continued weakness in Japan. The region's Active Representatives were 6% higher, and units sold were up 4% over the prior-year period. Operating profit decreased 5% (but increased 3% in local currency) versus the 2008 quarter, due primarily to the impact of unfavorable foreign exchange. The region's operating margin was 10.4%.

Third-quarter revenue in China decreased 11% year over year, with no impact from foreign exchange. Units sold decreased 19%. Revenue from Beauty Boutiques decreased over 40% in the quarter, reflecting the continued complex evolution towards direct selling in this hybrid business model, which is unique to this market. Revenue growth from direct selling mirrored Active Representative growth at 7% in the third quarter. The timing of incentive programs and product launches dampened direct-selling revenue during the quarter. Representative recruiting remained consistently strong in the quarter and Avon said that it remains confident in the potential of direct selling in this market. China had operating profit of $3 million in the quarter compared with a loss of $7 million in the 2008 quarter, primarily due to focus on cost controls. The region's operating margin was 3.7%.

Commenting on the company's overall performance in the third quarter, Andrea Jung, Chairman and CEO, remarked, "We are pleased with the third quarter's 7% local-currency-revenue growth, particularly in this economic environment. Our broad-based strength is proof that our strategies to focus on representative recruiting and Avon's "Smart Value" products are working. Active Representatives and Beauty revenue both grew strongly as we expanded Representative coverage and Beauty market share across our portfolio."

Investor Meeting Preview

Avon will discuss the quarter's results and future prospects for its business at an investor meeting today in New York City. The company will share long-term strategies and plans that support an outlook for continued mid-single-digit revenue growth (excluding foreign exchange impact) and operating margin improving to mid-teen levels upon completion by 2013 of the company's 2005 and 2009 restructuring programs.

That meeting will be webcast in its entirety beginning at 8:30 A.M., Eastern Time. The webcast, including presentation materials, can be accessed at www.avoninvestor.com and will be archived on that site for one year.

Avon, the company for women, is a leading global beauty company, with over $10 billion in annual revenue. As the world's largest direct seller, Avon markets to women in more than 100 countries through 5.8 million 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.

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 initiatives, product mix and pricing
      strategies, enterprise resource planning, customer service
      initiatives, product line simplification program, sales and operation
      planning process, strategic sourcing initiative, outsourcing
      strategies, zero-overhead-growth philosophy, cash flow from operations
      and cash management, tax, foreign currency hedging and risk management
      strategies;
  --  our ability to realize the anticipated benefits (including any
      projections concerning future revenue and operating margin increases)
      from our multi-year restructuring initiatives or other strategic
      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 initiatives or other strategic initiatives;
  --  our ability to realize sustainable growth from our investments in our
      brand and the direct-selling channel;
  --  a general economic downturn, a recession globally or in one or more of
      our geographic regions, such as North America, or sudden disruption in
      business conditions, and the ability of our broad-based geographic
      portfolio to withstand such economic downturn, recession or
      conditions;
  --  the inventory obsolescence and other costs associated with our product
      line simplification program;
  --  our ability to effectively implement initiatives to reduce inventory
      levels in the time period and in the amounts we expect;
  --  our ability to achieve growth objectives or maintain rates of growth,
      particularly in our largest markets and developing and emerging
      markets;
  --  our ability to successfully identify new business opportunities and
      identify and analyze acquisition candidates, and our ability to
      negotiate and consummate acquisitions as well as to successfully
      integrate or manage any acquired business;
  --  the effect of economic factors, including inflation and fluctuations
      in interest rates and currency exchange rates, as well as the likely
      designation of Venezuela as a highly inflationary economy, and the
      potential effect of such factors on our business, results of
      operations and financial condition;
  --  our ability to successfully transition our business in China in
      connection with the resumption of direct selling in that market in
      2006, our ability to operate using the direct-selling model permitted
      in that market and our ability to retain and increase the number of
      Active Representatives there over a sustained period of time;
  --  the effect of political, legal and regulatory risks imposed on us, our
      operations or our Representatives, including foreign exchange or other
      restrictions, changes in direct selling regulations or interpretations
      thereof, 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;
  --  general economic and business conditions in our markets, including
      social, economic and political uncertainties in the international
      markets in our portfolio;
  --  any consequences of internal investigations and compliance reviews
      that we conduct from time to time, including the ongoing investigation
      of our China operations and the review of our practices relating to
      the Foreign Corrupt Practices Act and related U.S. and foreign laws in
      additional countries, as well as any business disruption resulting
      from such investigations, reviews or related measures we may implement
      from time to time;
  --  information technology systems outages, disruption in our supply chain
      or manufacturing and distribution operations, or 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 and large scale power outages;
  --  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 and executives;
  --  competitive uncertainties in our markets, including competition from
      companies in the cosmetics, fragrances, skin care 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 enhance the Representative
      experience and increase Representative productivity through
      investments in the direct-selling channel, and to compete with other
      direct-selling organizations to recruit, retain and service
      Representatives;
  --  the impact of the 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 our material pending and future
      litigations;
  --  our ratings and our access to financing and ability to secure
      financing at attractive rates; and

  --  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.

Additional information identifying such factors is contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008, filed with the U.S. Securities and Exchange Commission. 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                  Nine months
                         ended         Percent        ended          Percent
                     September 30       Change     September 30       Change
                  ------------------   -------  ------------------   -------
                    2009      2008                2009      2008
                  --------  --------            --------  --------

  Net sales       $2,527.0  $2,618.7     -4%    $7,130.4  $7,807.6     -9%
  Other revenue       24.3      26.0                71.0      74.9
                  --------  --------            --------  --------
    Total revenue  2,551.3   2,644.7     -4%     7,201.4   7,882.5     -9%

  Cost of sales      954.8     975.0             2,700.3   2,892.1
  Selling,
   general and
   administrative
   expenses        1,338.0   1,372.6             3,891.3   4,023.2
                  --------  --------            --------  --------
    Operating
     profit          258.5     297.1    -13%       609.8     967.2    -37%
                  --------  --------            --------  --------

  Interest expense    26.1      24.6                78.8      76.8
  Interest income     (3.2)    (10.1)              (15.2)    (27.9)
  Other expense,
   net                 3.9       3.4                 7.9      16.1
                  --------  --------            --------  --------
    Total other
     expenses         26.8      17.9                71.5      65.0

  Income before
   taxes             231.7     279.2    -17%       538.3     902.2    -40%
  Income taxes       (74.1)    (54.5)             (178.6)   (254.3)
                  --------  --------            --------  --------

  Net income         157.6     224.7               359.7     647.9
  Net income
   attributable to
   noncontrolling
   interest           (1.4)     (2.1)               (3.3)     (5.0)
                  --------  --------            --------  --------
  Net income
   attributable
   to Avon          $156.2    $222.6    -30%      $356.4    $642.9    -45%
                  ========  ========            ========  ========


  Earnings per share:
  Basic               $.36      $.52    -31%        $.83     $1.50    -45%
                  ========  ========            ========  ========
  Diluted             $.36      $.52    -31%        $.83     $1.49    -44%
                  ========  ========            ========  ========



                             AVON PRODUCTS, INC.
                       CONSOLIDATED BALANCE SHEETS
                               (Unaudited)
                              (In millions)

                                           September 30        December 31
                                               2009               2008
                                           ------------        -----------
  Assets
  Current Assets
  Cash and cash equivalents                    $1,293.4           $1,104.7
  Accounts receivable, net                        736.2              687.8
  Inventories                                   1,192.7            1,007.9
  Prepaid expenses and other                      974.5              756.5
                                           ------------        -----------
    Total current assets                        4,196.8            3,556.9
                                           ------------        -----------

  Property, plant and equipment, at cost        2,604.2            2,439.9
  Less accumulated depreciation                (1,153.3)          (1,096.0)
                                           ------------        -----------
                                                1,450.9            1,343.9

  Other assets                                  1,087.8            1,173.2
                                           ------------        -----------
    Total assets                               $6,735.5           $6,074.0
                                            ------------        -----------
  Liabilities and Shareholders' Equity
  Current Liabilities
  Debt maturing within one year                  $431.2           $1,031.4
  Accounts payable                                721.3              724.3
  Accrued compensation                            273.8              234.4
  Other accrued liabilities                       642.3              581.9
  Sales and taxes other than income               245.1              212.2
  Income taxes                                     70.1              128.0
                                           ------------        -----------
    Total current liabilities                   2,383.8            2,912.2
                                           ------------        -----------
  Long-term debt                                2,328.0            1,456.2
  Employee benefit plans                          599.5              665.4
  Long-term income taxes                          166.1              168.9
  Other liabilities                               163.0              159.0
                                           ------------        -----------
    Total liabilities                          $5,640.4           $5,361.7
                                           ------------        -----------

  Shareholders' Equity
  Common stock                                   $185.9             $185.6
  Additional paid-in-capital                    1,918.5            1,874.1
  Retained earnings                             4,204.9            4,118.9
  Accumulated other comprehensive loss           (711.1)            (965.9)
  Treasury stock, at cost                      (4,544.8)          (4,537.8)
                                           ------------        -----------
    Total Avon shareholders' equity             1,053.4              674.9
                                           ------------        -----------
  Noncontrolling Interest                          41.7               37.4
                                           ------------        -----------
    Total shareholders' equity                 $1,095.1             $712.3
                                           ------------        -----------
    Total liabilities and
     shareholders' equity                      $6,735.5           $6,074.0
                                           ------------        -----------



                             AVON PRODUCTS, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                (In millions)

                                                   Nine Months Ended
                                                      September 30
                                                -----------------------
                                                  2009           2008
                                                --------       --------
  Cash Flows from Operating Activities
  Net income                                      $359.7         $647.9
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Depreciation and Amortization                  131.4          143.0
    Provision for doubtful accounts                159.6          149.1
    Provision for obsolescence                      72.2           54.2
    Share-based compensation                        43.1           46.5
    Deferred income taxes                          (36.3)           8.7
    Other                                           44.5           28.1

  Changes in assets and liabilities:
    Accounts receivable                           (157.0)         (63.8)
    Inventories                                   (207.8)        (262.6)
    Prepaid expenses and other                     (92.8)        (183.5)
    Accounts payable and accrued liabilities        29.8         (178.8)
    Income and other taxes                         (82.2)         (49.2)
    Noncurrent assets and liabilities              (17.1)         (36.9)
                                                --------       --------
  Net cash provided by operating activities        247.1          302.7
                                                --------       --------

  Cash Flows from Investing Activities
  Capital expenditures                            (171.8)        (238.3)
  Disposal of assets                                10.2            8.5
  Purchases of investments                          (0.7)         (60.5)
  Proceeds from sale of investments                 61.8           26.6
  Other investing activities                         5.7            0.1
                                                --------       --------
  Net cash used by investing activities            (94.8)        (263.6)
                                                --------       --------

  Cash Flows from Financing Activities
  Cash dividends                                  (273.1)        (262.3)
  Debt, net (maturities of three months or less)  (499.1)        (189.8)
  Proceeds from debt                               948.9          547.1
  Repayment of debt                               (155.2)         (62.4)
  Proceeds from exercise of stock options            3.8           80.8
  Excess tax benefit realized
   from share-based compensation                    (2.1)          12.3
  Repurchase of common stock                        (7.6)        (171.4)
                                                --------       --------
  Net cash provided (used) by
   financing activities                             15.6          (45.7)
                                                --------       --------
  Effect of exchange rate changes
   on cash and equivalents                          20.8           10.2
  Net increase in cash and equivalents             188.7            3.6
  Cash and equivalents at beginning of year     $1,104.7         $963.4
  Cash and equivalents at end of period         $1,293.4         $967.0



                                 AVON PRODUCTS, INC.
                               SUPPLEMENTAL SCHEDULE
                                    (Unaudited)
                                   (In millions)

                             THREE MONTHS ENDED 9/30/09
                             ==========================
                                  REGIONAL RESULTS
                                  ================

                             Total
  $ in                      Revenue
  Millions      Total       in Local    Operating      Op.           Active
             Revenue US$    Currency    Profit US$   Margin  Units    Reps
            -------------  -----------  -----------  ------- ------  ------
                    % var.       % var.       % var.         % var.  % var.
                       vs           vs           vs   2009      vs     vs
                     3Q08         3Q08         3Q08  percent  3Q08    3Q08
            -------------  -----------  -----------  ------- ------  ------
  Latin
   America   $1,113.9   5%          18% $192.4   -7%    17.3%    10%     13%

  North
   America(1)   535.2  -8           -8    24.1  -19      4.5     -5       4

  Central &
   Eastern
   Europe       314.1 -18            7    46.7  -21     14.9      0       8

  Western
   Europe,
   Middle East
   & Africa(2)  298.2  -6            7    11.8  -36      4.0     22       9

  Asia
   Pacific      222.6   1            2    23.2   -5     10.4      4       6

  China          67.3 -11          -11     2.5    *      3.7    -19       7

  Total
   from
   operations 2,551.3  -4            7   300.7   -9     11.8      5      10

  Global and
   other            -   -            -   (42.2) -22        -      -       -

  Total      $2,551.3  -4%           7% $258.5  -13%    10.1%     5%     10%



                              CATEGORY SALES (US$)
                              ====================

                                                        Consolidated
                                                     ------------------
                                                                  % var.
                                                                     vs
                                                                   3Q08
                                                     ------------------
  Beauty (color cosmetics/fragrances/skin care/
   personal care)                                    $1,841.8        -3%
  Fashion (fashion jewelry/watches/apparel/
   footwear/accessories)                                425.2        -3
  Home (gift & decorative products/housewares/
   entertainment & leisure/kids/nutrition)              260.0        -5
                                                     --------      ----
    Net sales                                        $2,527.0        -4%
  Other revenue                                          24.3        -7
                                                     --------      ----
    Total revenue                                    $2,551.3        -4%




                              NINE MONTHS ENDED 9/30/09
                              =========================
                                  REGIONAL RESULTS
                                  ================

                              Total
  $ in                       Revenue
  Millions       Total       in Local    Operating      Op.          Active
              Revenue US$    Currency    Profit US$   Margin  Units   Reps
             -------------  -----------  -----------  ------- ------ ------
                     % var.       % var.       % var.          % var. % var.
                        vs           vs           vs   2009       vs     vs
                      9M08         9M08         9M08  percent   9M08   9M08
             -------------  -----------  -----------  ------- ------ ------
  Latin
   America    $2,885.0  -2%          16% $414.4  -20%    14.4%     8%    11%

  North
   America(1)  1,631.5 -10           -9    71.7  -58      4.4     -6      3

  Central &
   Eastern
   Europe        960.0 -22            4   114.4  -53     11.9     -2      8

  Western
   Europe,
   Middle East
   & Africa(2)   841.2 -15            3    30.8  -61      3.7      4      7

  Asia
   Pacific       631.0  -5            1    49.9  -33      7.9      2      7

  China          252.7   5            2    23.1    *      9.1      4     33

  Total from
   operations  7,201.4  -9            5   704.3  -35      9.8      2      9

  Global and
   other             -   -            -   (94.5)  17        -      -      -

  Total       $7,201.4  -9%           5% $609.8  -37%     8.5%     2%     9%



                              CATEGORY SALES (US$)
                              ====================

                                                         Consolidated
                                                     -------------------
                                                                  % var.
                                                                    vs
                                                                   9M08
                                                     -------------------
  Beauty (color cosmetics/fragrances/skin
   care/personal care)                               $5,163.4        -9%
  Fashion (fashion jewelry/watches/apparel/
   footwear/accessories)                              1,243.2       -10
  Home (gift & decorative products/housewares/
   entertainment & leisure/kids/nutrition)              723.8        -8
                                                     --------      ----
    Net sales                                        $7,130.4        -9%
  Other revenue                                          71.0        -5
                                                     --------      ----
    Total revenue                                    $7,201.4        -9%


  * Calculation not meaningful

  (1)  North America Active Representative growth benefited from increased
       ordering opportunities in Canada as a result of a move from a
       three-week campaign cycle to a two-week campaign cycle beginning in
       the second quarter of 2008.

  (2)  Western Europe, Middle East & Africa Active Representative growth
       benefited from the acquisition of a distributor in Saudi Arabia
       during the second quarter of 2009.

First Call Analyst:
FCMN Contact: sharon.samuel@avon.com

SOURCE: Avon Products, Inc.

CONTACT: Renee Johansen or Yana Friedman, +1-212-282-5320, both for Avon
Products, Inc.

Web Site: http://www.avon.com/

 
Fact Sheet

Avon Fact Sheet
Downloadable PDF (136 KB)

Annual Report

2016 Annual Report
Downloadable PDF (18.5 MB)

 

 

Avon Key Facts

Downloadable PDF (685 KB)

Avon Timeline

Avon Timeline
Downloadable PDF(131 KB)

 

For in-depth corporate archives, please visit Avon's online digital archive collection at the Hagley Museum. Click here to launch the site.

2007
2006
2005
2004
2003
2002
2001
2000
bottomNavIncludeGeneric