Avon Products said Wednesday its second-quarter net income fell 70 percent, hurt by the stronger dollar and lower demand globally for its makeup and skin care products.
The maker of beauty products including Skin So Soft lotion and mark cosmetics also said it has begun talks with federal investigators to possibly settle a long-running probe into allegations of bribery overseas. The results showed yet another lackluster performance for the direct-selling company, which has struggled for three years to turn around results. The slump led to the ouster of longtime CEO Andrea Jung and the hiring of Sheri McCoy, a former Johnson & Johnson executive, in April.
“Avon’s second-quarter financial results are not good and they reflect the complex challenges that Avon faces,” said McCoy. Its shares briefly fell to their lowest level in more than 3 years.