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Avon Products stock price
Avon Products latest news:
Avon CEO McCoy will leave the company
Avon CEO Sheri McCoy will leave the struggling beauty products early next year
Rising losses, investor pressure push Avon CEO Sheri McCoy to quit
(Reuters) - Avon Products Inc , which has been under pressure from activist investor Barington Capital, said Sheri McCoy will step down as chief executive next year, and reported another surprise quarterly loss.
Avon Products reports surprise loss and sales decline, CEO departure
Shares of Avon Products Inc. had tumbled as much as 11% in premarket trade Thursday, after the beauty products seller reported a surprise loss and revenue decline and said its Chief Executive Sheri McCoy was stepping down. The net loss for the quarter to June 30 was $45.5 million, or 12 cents a share, after a profit of $33.0 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share was 3 cents, while the FactSet consensus was for earnings per share of 7 cents. Revenue fell to $1.40 billion from $1.43 billion, while the FactSet consensus was for a rise to $1.44 billion. Active representatives declined 3%, while operating margin decreased to 2.3% from 4.6%. Separately, the company said McCoy will step down on March 31, 2018, after 5 years in charge. Avon has retained Heidrick & Struggles to help it find McCoy's successor. The stock has tumbled 33% year to date through Wednesday, while the S&P 500 has gained 11%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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