Avon slashes dividend as profit, revenue plunge

Thu Nov 1, 2012 7:17am EDT

Nov 1 (Reuters) - Avon Products Inc slashed its dividend 73.9 percent on Thursday, while also announcing measures to cut costs by at least $400 million within three years and reporting a steep plunge in third-quarter profit because of higher product costs and lower sales.

Avon reported a net profit of $31.6 million, or 7 cents per share, on revenue of $2.55 billion, compared with $164.2 million, or 38 cents per share, on revenue of $2.76 billion a year earlier.

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