Sales Of Avon Products Slide

Weaker-than-expected fourth-quarter results were reported by Avon Products Inc as sales slid in most markets, and executives raised the possibility of layoffs soon.

Sales Of Avon Products Slide

However, shares of the company ere up more than 3 percent, rising after outgoing Chief Executive Officer Andrea Jung pledged to let her successor take steps for fixing the company without impediment. “Just to be very clear, the new CEO will have absolute autonomy to define his or her strategic and operational priorities,” said Jung, who agreed in December to step down from the CEO post.

Avon reported a net loss of $400,000, compared with year-earlier net income of $229.5 million, or 53 cents per share.

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