Executive Summary

• Avon Products reported 2Q18 adjusted EPS of $(0.02), missing the breakeven consensus estimate. Revenues were $1.35 billion, down 3.2% year over year, missing the consensus estimate of $1.40 billion.
• Revenues in North and South America each grew 3% in constant currency. An accounting change helped total revenues by 4%.
• The company’s strategy centers on achieving profitable, sustainable topline growth by focusing on the experience and satisfaction of its representatives through enhanced training, as well as the expected launch of 200 products in the second half of the year.