NEW YORK (AP) — Avon Products Inc. posted a fourth-quarter net loss as sales slumped and costs rose.
The beauty products company, which is searching for a new CEO, has struggled to improve its operations in Brazil and been hurt by the weak economy. Avon says it doesn't expect its margins — how much it keeps of revenue after costs — to improve this year.
The New York company posted a loss of $400,000, break-even on a per share basis. It posted net income of $229.5 million, or 53 cents per share, in the prior year.
Excluding charges, Avon says it made a profit of 39 cents per share. Analysts polled by FactSet expected 51 cents per share.
Revenue for October-December period is down 4 percent to $3.04 billion. Analysts expected $3.1 billion.