Posted: Nov 1, 2012 7:07 AM by AP/CS
NEW YORK (AP) - Avon Products says 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.
The direct seller of beauty products such as Skin so soft lotion and mark cosmetics says net income fell to $31.6 million, or 7 cents per share. That compares with $164.2 million, or 38 cents per share, last year. Excluding an impairment charge profit was 17 cents per share. Analysts expected earnings of 22 cents per share.
Revenue fell 8 percent to $2.55 billion. Analysts expected $2.58 billion.
Avon says it plans to cut costs to save $400 million in three years. It cut its quarterly dividend to 6 cents from 23 cents.