Avon Products reported that its first-quarter 2007 total revenue grew 9% year over year to $2.2 billion, with all six operating regions contributing to the growth. Net income increased in the first quarter 2007, to $150 million, or $.34 per share, compared with $56 million, or $.12 per share, a year ago. First-quarter operating profit of $238 million rose 176%, or $152 million, from the 2006 level.
"We are pleased with the strength and geographic balance of our first-quarter performance. While still in the midst of our multi-year turnaround, we are making good progress against all points of our plan," said Andrea Jung, chairman and CEO, Avon. "We continue to significantly elevate our investment levels against both our brand and our channel, and we are seeing strong paybacks as a result. Fueling these investments are savings from the many restructuring initiatives that we have undertaken and that continue to be an ongoing part of our turnaround program."
Sales of beauty products recorded a third-consecutive quarter of double-digit growth, increasing 10%, led by personal care (+17%), fragrance (+12%), color cosmetics (+9%) and skin care (+6%).
The company continued to be active in repurchasing its shares in the first quarter of 2007, with repurchases totaling $130 million.