Direct beauty products seller Avon Products said Thursday its third-quarter net income fell 81 percent, hurt by the stronger dollar and an impairment charge. The company also slashed its dividend as it works on a turnaround.
Avon, whose products include Skin So Soft lotion and Mark makeup, has struggled for years to turn around results at home and in emerging markets.
CEO Sheri McCoy called the results disappointing and said improvement will take time.
“I recognize you would like to hear me present a magic bullet or a quick fix, but our business is complex,” McCoy said during a call with analysts. The beauty products company reported net income fell to $31.6 million for the July-September period from $164.2 million a year ago. Excluding an impairment charge. It earned 17 cents per share. Analysts expected earnings of 22 cents per share, according to FactSet. Revenue fell 8 percent to $2.55 billion from $2.71 billion a year ago.