US direct selling giant Avon Products, Inc. has seen its total revenue fall 1% during the fourth quarter of 2012 to $3bn. Total revenue for the year came to $10.7bn – falling 5% from the prior year. Commenting on the results, CEO Sheri McCoy described 2012 as a “challenging year” for Avon. "We have a lot of work ahead of us, but I am confident that in 2013, we will see progress against our three-year financial goals,” said McCoy.
During the fourth quarter, Avon beauty sales declined 2%, with fragrance remaining flat, and colour and personal care both falling 1% and skin care declining 5%. Similarly, total beauty sales declined 5% for 2012, while operating profit fell 63% to $315m. Despite this, the company managed to decrease its net debt to $2bn, down $77m from 2011.