United States

Avon Products Inc (AVP)

AVP on New York Consolidated

13 Dec 2017
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$-0.04 (-1.88%)
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Latest Key Developments (Source: Significant Developments)

Avon reports second-quarter 2016 results
Tuesday, 2 Aug 2016 06:45am EDT 

Avon Reports Second : Q2 adjusted earnings per share $0.07 from continuing operations . Q2 revenue fell 8 percent to $1.4 billion . Q2 earnings per share view $0.02 -- Thomson Reuters I/B/E/S . Quarter 2016 results . Q2 loss per share $0.01 . Q2 earnings per share $0.07 from continuing operations . Says company has identified additional savings, within supply chain and sourcing . Qtrly U.K. Revenue was down 7%, or was relatively unchanged in constant dollars .Says company has identified targeted $70 million of savings to be realized in 2016.  Full Article

Avon products announces cash tender offers
Monday, 1 Aug 2016 04:52pm EDT 

Avon Products Inc : Avon announces cash tender offers .Commenced cash tender offers to purchase up to a total of $650 million aggregate principal amount of its outstanding notes.  Full Article

Avon Products Inc to cut jobs, shift headquarters to UK - Reuters News
Monday, 14 Mar 2016 09:32pm EDT 

Avon Products Inc:Avon Products Inc said on Monday it would cut about 2,500 jobs worldwide and shift its corporate headquarters to the UK as part of its three-year turnaround plan. Avon shares were up nearly 4 percent at $4.55 in extended trading - RTRS.The company sold most of its North American business to Cerberus Capital, its biggest investor, after four years of falling sales.Avon said it expected to record $60 million in pre-tax charges related to job cuts in the first quarter.The company, which has 28,300 employees, said the transition of its headquarters would occur over time.In January, Avon had outlined plans to cut $350 million in costs over the next three years, invest in technology and tap social media to revive sales.However, a bigger-than-expected fall in fourth-quarter sales indicated that the company had failed to revive demand for its cosmetics in key markets."We believe that there is still much more that needs to be done to improve the business as outlined in our December 3 letter," shareholder Barington Capital said in a statement.In December, investors led by Barington proposed a restructuring of Avon, and said they had lost confidence in the makeup brand's leadership.Barington added on Monday that it continued to believe Avon needed to add new independent directors.Avon said it would maintain its current facilities in Suffern and Rye, New York and continue to trade on the New York Stock Exchange under its current symbol.  Full Article

Avon Products Inc outlines plans to save $350 mln in next three years - Reuters
Thursday, 21 Jan 2016 10:57am EST 

Avon Products Inc:Struggling cosmetics maker Avon Products Inc AVP.N expects to reduce about $350 million in costs over the next three years, Chief Executive Sheri McCoy said at the company's investor day on Thursday - RTRS.Avon is also looking at "all alternatives" for its China business, which represents about 1 percent of total sales, McCoy said - RTRS.Cerberus Capital, which said last month it would buy a majority stake in Avon's North America business, said on Thursday it had identified "significant operational efficiencies" in the region. The hedge fund also said its operating plan for Avon included job cuts. - RTRS.  Full Article

Avon Products Inc to reduce global IT headcount - Reuters
Thursday, 7 Jan 2016 05:50pm EST 

Avon Products Inc:Beauty products maker Avon Products Inc AVP.N said it would cut some global IT jobs after hiring Hewlett Packard Enterprise Co HPE.N to run some of its technology operations - RTRS.Avon, which expects the program to be completed by the end of 2016, did not specify how many employees would be affected. (1.usa.gov/1UAkPwe) The company said in a filing it expects pre-tax savings of $10 million-$15 million annually, beginning 2019 - RTRS.Avon, which in December sold the majority of its North American business to Cerberus Capital, said it expected to record a charge of about $30 million. - RTRS.Hewlett Packard will operate Avon's IT infrastructure in four areas, offering data center services, network management among other services - RTRS.  Full Article

Hack of Wall St regulator rattles investors, lawmakers

WASHINGTON Wall Street's top regulator came under fire on Thursday over its cyber security and disclosure practices after admitting hackers had breached its database of corporate announcements in 2016 and may have used it for insider trading.