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Avon Reports Second-Quarter Results

Revenue of $2.5 Billion 10% Lower Year over Year Due to Foreign Exchange Pressure; Up 5% on Local-Currency Basis Active Representatives Up 11%; Beauty Units Up 3%; Overall Units Up 2% Second-Quarter Earnings per Share of $.19, Including Costs of $.19 for

PRNewswire-FirstCall
NEW YORK
Jul 30, 2009

Avon Products, Inc. (NYSE: AVP) today reported second-quarter 2009 total revenue of $2.5 billion, 10% lower than that of 2008's second quarter, but up 5% on a local-currency basis as foreign exchange pressured growth by 15 percentage points. Beauty sales in the second quarter 2009 were 10% lower versus the prior-year period, but increased 5% on a local-currency basis. Active Representatives grew 11%. Units overall rose 2% versus the prior-year quarter and Beauty units increased 3%.

Andrea Jung, Chairman and CEO, remarked, "Our bold strategies to counter the recession are working. We've been successful at gaining Representatives and consumers during these tough economic times. This confirms our belief in the inherent advantage of our direct-selling business model. As women around the globe are seeking income and smart value products, Avon is there to meet their needs.

"From an earnings perspective, our results included substantial costs associated with our recently launched 2009 restructuring program. These actions reflect our continuing determination to transform our cost structure to help fund growth. Also, foreign exchange continued to significantly pressure profits, as expected. We are taking aggressive steps to help offset the foreign-exchange impact throughout our value chain, the benefits of which should be stronger in the second half of 2009.

Ms. Jung concluded, "Our focus on driving market share gains, coupled with a constant turnaround mentality, reflects our commitment to emerge as a stronger and more competitive company."

Avon's Beauty sales decreased 10%, but were up 5% in local currency in the second quarter. On a local-currency basis, fragrance, color cosmetics, personal care and skin care grew 8%, 7%, 6% and 1%, respectively. On a reported basis, fragrance, color cosmetics, personal care and skin care sales-growth rates were -9%, -9%, -10% and -12%, respectively.

Second-quarter 2009 gross margin of 62.2% was 150 basis points below that of the prior-year quarter, as price increases, manufacturing productivity gains and benefits from the company's Strategic Sourcing Initiative helped to mitigate 210 basis points of unfavorable transaction-exchange impact.

Selling, general and administrative expense rose as a percent of revenue by 480 basis points versus 2008's second quarter due to costs to implement restructuring initiatives, lower revenue and disproportionate dollar-denominated expenses.

Advertising for the quarter was $82 million, down $21 million from last year's period due primarily to foreign exchange. Advertising expense also benefited from improved buying productivity and general softness in media pricing. Thus, the company was able to maintain its advertising presence at a level similar to a year ago. Avon invested an incremental $13 million in the quarter on initiatives to further improve its Representative Value Proposition.

As announced earlier this month, second-quarter 2009 expenses included costs associated with the company's 2009 and 2005 restructuring programs totaling $89 million pretax, or $.19 per share after tax. This compared with costs of $13 million, or $.02 per share, related to the company's 2005 restructuring program in the prior-year period.

Second-quarter 2009 operating profit was $183 million compared with $374 million in the prior-year quarter and the operating margin was 7.4%, compared with 13.7% in second quarter 2008. The aforementioned higher costs to implement restructuring initiatives lowered operating margin year over year by 310 basis points. Additionally, unfavorable foreign exchange lowered operating margin by an estimated 370 basis points (approximately 250 of that from foreign-exchange transaction and approximately 120 from foreign-exchange translation) year over year.

The second quarter 2009's effective tax rate of 47.1% compared with 2008's rate of 31.2%. The higher 2009 rate results from the establishment of a valuation allowance on certain deferred tax assets as a result of the company's 2009 restructuring actions. The impact of this allowance was $.05 per share in the 2009 quarter, and is part of the $.19 per share cost of restructuring in the quarter.

Net income in the second quarter 2009 was $83 million, or $.19 per share, compared with $236 million, or $.55 per share, in the year-ago quarter.

At quarter end, Avon's total debt had increased $203 million from the year-end level, to $2.7 billion, and cash had increased $116 million, to $1.2 billion. Net cash provided by operating activities was $75 million through six months of 2009 compared with $172 million of cash provided by operating activities in the same period of 2008, with the change due primarily to lower net income.

Second-Quarter Regional Results

Latin America's second-quarter 2009 revenue was 3% lower year over year, but up 15% on a local-currency basis. Local-currency revenue increased 23% in Brazil, 14% in Mexico and 2% in Venezuela, which, on a reported basis, were -2%, -11% and 2%, respectively. The region's Active Representatives grew 13%, and units sold were up 5%. Operating profit was 29% lower (-11% in local currency) due equally to unfavorable foreign exchange and the impact of costs to implement restructuring initiatives. Latin America's second-quarter operating margin was 13.7%, including a 240-basis-points impact from costs to implement restructuring.

Second-quarter revenue in North America declined 10% (-8% in local currency). Active Representatives were up 4% versus the prior-year quarter reflecting the company's successful recruiting drive since early March. Units sold were 6% lower versus the prior year. The region's revenue continued to be pressured by lower consumer spending, particularly in the Fashion category. North America's second-quarter operating profit decreased 67% (-65% in local currency) versus the 2008 quarter reflecting the impact of lower revenue and fixed overhead expense as well as costs to implement restructuring initiatives. The region's operating margin was 4.4%, including a 330-basis-points impact from costs to implement restructuring.

In Central & Eastern Europe, second-quarter revenue was 25% lower year over year but up 3% on a local-currency basis. Local-currency revenue increased 14% in Russia (-16% on a reported basis). The region's Active Representatives grew 6% in the quarter, and units sold declined 4% versus the prior-year's quarter. Operating profit decreased 79% (-66% in local currency) versus the 2008 quarter, due equally to the impact of costs to implement restructuring initiatives and unfavorable foreign exchange. The region's operating margin was 6.0%, including a 580-basis-points impact from costs to implement restructuring.

Western Europe, Middle East & Africa's second-quarter revenue decreased 15% versus the prior-year quarter but rose 4% on a local-currency basis. Local-currency revenue increased 1% in the U.K. and 14% in Turkey, which, on a reported basis, were -22% and -10%, respectively. The region's Active Representatives grew 8% year over year. Units sold decreased 2%. Operating profit decreased 69% (-62% in local currency) versus the 2008 quarter, due equally to the impact of costs to implement restructuring initiatives and unfavorable foreign exchange. The region's operating margin was 4.4%, including a 480-basis-points impact from costs to implement restructuring.

Asia-Pacific's second-quarter revenue decreased 8% year over year due to foreign exchange (flat on a local-currency basis.) On a local-currency basis, 10% growth in the Philippines (-1% on a reported basis) offset a similar-sized decrease in Japan's revenue. The region's Active Representatives were 10% higher, and units sold were flat with the prior year. Operating profit decreased 58% (-53% in local currency) versus the 2008 quarter, due to the impact of costs to implement restructuring initiatives as well as unfavorable foreign exchange. The region's operating margin was 5.5%, including a 570-basis-points impact from costs to implement restructuring.

Second-quarter revenue in China grew 15% (13% in local currency) year over year on continued strength of the direct selling business. Active Representatives rose 52% year over year and units sold were 32% higher versus the prior year. China had operating profit of $7 million in the quarter compared with a loss of $8 million in the 2008 quarter, primarily due to lower advertising expense and higher sales. The region's operating margin was 7.9%.

Avon will conduct a conference call at 9:00 A.M. today to discuss the quarter's 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:18409647). The call will be webcast live at www.avoninvestor.com and can be accessed or downloaded from that site for a period of two weeks.

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 possible
      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, as well as
      foreign exchange or other restrictions, imposed on us, our operations
      or our Representatives by governmental entities;
  --  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;
  --  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                 Six months
                         ended        Percent         ended        Percent
                        June 30        Change        June 30        Change
                   -----------------  -------   -----------------  -------
                     2009      2008               2009      2008
                   -------   -------            -------   -------

  Net sales       $2,445.7  $2,711.0    -10%   $4,603.4  $5,188.9    -11%
  Other revenue       24.6      25.1               46.7      48.9
                   -------   -------            -------   -------
    Total revenue  2,470.3   2,736.1    -10%    4,650.1   5,237.8    -11%

  Cost of sales      934.3     993.4            1,745.5   1,917.1
  Selling,
   general and
   administrative
   expenses        1,353.1   1,368.8            2,553.3   2,650.6
                   -------   -------            -------   -------
     Operating
        profit       182.9     373.9    -51%      351.3     670.1    -48%
                   -------   -------            -------   -------

  Interest expense    27.9      26.1               52.7      52.2
  Interest income     (4.7)     (8.6)             (12.0)    (17.8)
  Other (income)
   expense, net       (0.2)     12.0                4.0      12.7
                   -------   -------            -------   -------
     Total other
      expenses        23.0      29.5               44.7      47.1

  Income before
   taxes             159.9     344.4    -54%      306.6     623.0    -51%
  Income taxes       (75.3)   (107.4)            (104.5)   (199.8)
                   -------   -------            -------   -------

  Net income          84.6     237.0              202.1     423.2
  Net income
   attributable
   to noncontrolling
   interest           (1.7)     (1.4)              (1.9)     (2.9)
                   -------   -------            -------   -------
  Net income
   attributable
   to Avon           $82.9    $235.6    -65%     $200.2    $420.3    -52%
                   =======   =======            =======   =======

  Earnings per share:
  Basic               $.19      $.55    -65%       $.47      $.98    -52%
                   =======   =======            =======   =======
  Diluted             $.19      $.55    -65%       $.46      $.97    -53%
                   =======   =======            =======   =======



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

                                            June 30        December 31
                                             2009             2008
                                          -----------      -----------
  Assets
  Current Assets
  Cash and cash equivalents                  $1,221.0         $1,104.7
  Accounts receivable, net                      689.1            687.8
  Inventories                                 1,083.1          1,007.9
  Prepaid expenses and other                    850.6            756.5
                                          -----------      -----------
    Total current assets                      3,843.8          3,556.9
                                          -----------      -----------

  Property, plant and equipment, at cost      2,545.2          2,439.9
  Less accumulated depreciation              (1,147.5)        (1,096.0)
                                          -----------      -----------
                                              1,397.7          1,343.9

  Other assets                                1,075.8          1,173.2
                                          -----------      -----------
    Total assets                             $6,317.3         $6,074.0
                                          -----------      -----------

  Liabilities and Shareholders' Equity
  Current Liabilities
  Debt maturing within one year                $446.9         $1,031.4
  Accounts payable                              662.9            724.3
  Accrued compensation                          220.2            234.4
  Other accrued Liabilities                     616.6            581.9
  Sales and taxes other than income             219.6            212.2
  Income taxes                                   69.6            128.0
                                          -----------      -----------
    Total current liabilities                 2,235.8          2,912.2
                                          -----------      -----------
  Long-term debt                              2,243.5          1,456.2
  Employee benefit plans                        659.9            665.4
  Long-term income taxes                        160.0            168.9
  Other liabilities                             155.6            159.0
                                          -----------      -----------
    Total liabilities                        $5,454.8         $5,361.7
                                          -----------      -----------

  Shareholders' Equity
  Common stock                                 $185.9           $185.6
  Additional paid-in-capital                  1,903.0          1,874.1
  Retained earnings                           4,138.7          4,118.9
  Accumulated other comprehensive loss         (860.1)          (965.9)
  Treasury stock, at cost                    (4,543.4)        (4,537.8)
                                          -----------      -----------
    Total Avon shareholders' equity             824.1            674.9
                                          -----------      -----------
  Noncontrolling Interest                        38.4             37.4
                                          -----------      -----------
    Total shareholders' equity                 $862.5           $712.3
                                          -----------      -----------
    Total liabilities and
     shareholders' equity                    $6,317.3         $6,074.0
                                          -----------      -----------


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

                                                  Six Months Ended
                                                      June 30
                                                 ------------------
                                                   2009      2008
                                                 --------  --------
  Cash Flows from Operating Activities
  Net income                                       $202.1    $423.2
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Depreciation and Amortization                    82.2      92.7
    Provision for doubtful accounts                  92.6      95.3
    Provision for obsolescence                       44.7      28.9
    Share-based compensation                         31.9      31.1
    Deferred income taxes                            (0.1)      3.7
    Other                                            27.5      17.3

  Changes in assets and liabilities:
    Accounts receivable                             (65.3)      8.1
    Inventories                                    (102.4)   (145.2)
    Prepaid expenses and other                      (49.4)   (117.1)
    Accounts payable and accrued liabilities        (65.3)   (231.9)
    Income and other taxes                          (89.2)     (8.9)
    Noncurrent assets and liabilities               (33.9)    (24.8)
                                                 --------  --------
  Net cash provided by operating activities          75.4     172.4
                                                 --------  --------

  Cash Flows from Investing Activities
  Capital expenditures                             (108.1)   (136.0)
  Disposal of assets                                  5.7       5.1
  Purchases of investments                           (0.7)    (18.3)
  Proceeds from sale of investments                  61.7      18.1
  Other Investing                                     5.8         -
                                                 --------  --------
  Net cash used by investing activities             (35.6)   (131.1)
                                                 --------  --------

  Cash Flows from Financing Activities
  Cash dividends                                   (183.6)   (177.3)
  Debt, net (maturities of three months or less)   (501.6)   (281.0)
  Proceeds from debt                                884.7     496.3
  Repayment of debt                                (131.6)    (59.5)
  Proceeds from exercise of stock options             0.7      28.6
  Excess tax benefit realized
   from share-based compensation                     (1.6)      5.0
  Repurchase of common stock                         (6.2)   (120.9)
                                                 --------  --------
  Net cash provided (used) by financing
   activities                                        60.8    (108.8)
                                                 --------  --------

  Effect of exchange rate changes on cash
   and cash equivalents                              15.7      64.4
  Net increase (decrease) in cash and cash
   equivalents                                      116.3      (3.1)
  Cash and equivalents at beginning of year      $1,104.7    $963.4
  Cash and equivalents at end of period          $1,221.0    $960.3


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

                         THREE MONTHS ENDED 6/30/09
                         ==========================
                             REGIONAL RESULTS
                             ================

                             Total
                            Revenue
  $ in            Total     in Local  Operating     Op.           Active
  Millions     Revenue US$  Currency  Profit US$   Margin  Units   Reps
               -----------  --------  ----------   ------  -----  ------
                     % var.  % var.         % var.         % var.  % var.
                       vs      vs             vs    2009     vs      vs
                      2Q08    2Q08           2Q08  percent  2Q08    2Q08
               -----------  --------  -----------  ------- ------  ------
  Latin
   America      $977.0  -3%       15% $133.9  -29%    13.7%     5%     13%

  North
   America(1)    570.6 -10        -8    25.1  -67      4.4     -6       4

  Central
   & Eastern
   Europe        324.4 -25         3    19.4  -79      6.0     -4       6

  Western
   Europe,
   Middle
   East &
   Africa        299.9 -15         4    13.1  -69      4.4     -2       8

  Asia
   Pacific       208.8  -8         0    11.5  -58      5.5      0      10

  China           89.6  15        13     7.1    *      7.9     32      52

  Total
   from
   Opera-
   tions       2,470.3 -10         5   210.1  -49      8.5      2      11

  Global
   Expenses          -   -         -   (27.2)  35        -      -       -

  Consol-
   idated
   (1)        $2,470.3 -10%        5% $182.9  -51%     7.4%     2%     11%



                              CATEGORY SALES (US$)
                              ====================
                                                          Consolidated
                                                       ----------------
                                                                  % var.
                                                                    vs
                                                                   2Q08
                                                       ----------------
  Beauty (cosmetics/fragrances/skin care/toiletries)   $1,761.8     -10%
  Fashion (fashion jewelry/watches/apparel/footwear/
   accessories)                                           427.9     -13
  Home (gift & decorative products/housewares/
   entertainment & leisure/kids/nutrition)                255.9      -1
                                                       --------   -----
    Net Sales                                          $2,445.6     -10%
  Other Revenue                                            24.7      -2
                                                       --------   -----
    Total Revenue                                      $2,470.3     -10%


                           SIX MONTHS ENDED 6/30/09
                           ========================
                               REGIONAL RESULTS
                               ================

                             Total
                            Revenue
  $ in            Total     in Local   Operating     Op.           Active
  Millions     Revenue US$  Currency   Profit US$   Margin  Units   Reps
              ------------  --------  -----------   ------  -----  -------
                     % var.  % var.         % var.          % var.  % var.
                       vs      vs             vs     2009     vs      vs
                      1H08    1H08           1H08   percent  1H08    1H08
              ------------  --------  -----------   ------- ------ -------
  Latin
   America    $1,771.0  -6%       15% $222.1  -28%     12.5%     6%     10%

  North
   America
   (1)         1,096.3 -11        -9    47.6  -66       4.3     -7       2

  Central
   & Eastern
   Europe        645.8 -24         3    67.7  -63      10.5     -3       8

  Western
   Europe,
   Middle East
   & Africa      543.1 -19         1    19.1  -69       3.5     -4       7

  Asia
   Pacific       408.4  -8         0    26.7  -47       6.5      0       7

  China          185.5  12         8    20.6    *      11.1     16      46

  Total
   from
   Opera-
   tions       4,650.1 -11         4   403.8  -46       8.7      1       9

  Global
   Expenses          -   -         -   (52.5)  34         -      -       -

  Consol-
   idated
   (1)        $4,650.1 -11%        4% $351.3  -48%     7.6%     1%      9%



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

                                                          Consolidated
                                                        ---------------
                                                                  % var.
                                                                    vs
                                                                   1H08
                                                        ---------------
  Beauty (cosmetics/fragrances/skin care/toiletries)    $3,321.6    -11%
  Fashion (fashion jewelry/watches/apparel/footwear/
   accessories)                                            818.0    -12
  Home (gift & decorative products/housewares/
   entertainment & leisure/kids/nutrition)                 463.8    -10
                                                        --------   ----
    Net Sales                                           $4,603.4    -11%
  Other Revenue                                             46.7     -4
                                                        --------   ----
    Total Revenue                                       $4,650.1    -11%

    * 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.

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

SOURCE: Avon Products, Inc.

CONTACT: Renee Johansen, or Yana Friedman, +1-212-282-5320

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

 
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