News Summary: Avon Products 3Q net income drops
THE NEWS: 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.
THE BIG PICTURE Avon, whose products include Skin So Soft lotion and Mark makeup, has struggled for years to turn around results home and in emerging markets. CEO Sheri McCoy was brought on in April to replace longtime CEO Andrea Jung, and help improve operations.
WHAT'S NEXT: Avon's long term goal is for revenue to increase in the mid-single digit percentage range, excluding currency fluctuations.