Cosmetics maker Avon Products Inc said it would cut about 600 jobs, including in its North America unit, as the company struggles to return to profit.
The direct seller of cosmetics, which has posted losses in five of the past six quarters, had about 36,700 employees, including 4,300 in the United States, at the end of December, according to its latest annual filing.
Avon will take a pretax charge of $45 million-$50 million, of which $40 million is expected to be recorded in the current quarter ending June, the company said in a statement on Monday.
The job cuts and other restructuring efforts are expected to result in annual savings of about $50 million to $55 million, Avon said.
The company is struggling to turn around its fortunes after a host of problems in key markets such as Russia, Latin America and the United States hurt profits.
Avon’s net loss widened to $168.4 million, or 38 cents per share, in the first quarter ended March 31 from $13.7 million, or 3 cents per share, a year earlier.
Sales in North America fell 22 percent in the quarter as its products faced competition from inexpensive beauty items at drugstores or from chains such as Sephora.
The company also
Tag Archive for Guest Authors
Hot Business News Today
MonaVie Distributor, Danielle Marie Green, Charged With Murder
by Tina Williams • • 0 Comments
Danielle Marie Green, a MonaVie distributor, who has stated on her website that the business gave her a chance to stay home to fulfill her passion of being with her horses, has recently been charged with shooting her ex-husband 10 times and then stuffing his body in a padlocked box.
During a fight in their bedroom, Green shot him five times, reloaded the gun and fired five more shots, cops said.
The next day, May 27, Green called her truck driving ex’s boss to say he’d been killed in a freak accident involving her German shepherd, cops told the newspaper.
The trailer where she lived reeked of bleach on the day police arrived at the property, cops said.
A search of her cell phone suggested Green may have planned the brutal killing, they said.
In the weeks before, she’d Googled whether shooting someone in the head with a .38 caliber would be “lights out or possibly survive” and the phrase “38 gunshot going straight thru person’s head,” the newspaper reported.
Green was charged with murder Tuesday and was being held without bond at the Switzerland County Jail.
Her blog says:
The horses have taught me so many lessons about life, leadership and running a business. Through my blog I hope
Hot Business News Today
Herbalife Partners With Competitor Group, Inc.
by Tina Williams • • 0 Comments
Herbalife HLF , a leading global nutrition company, today announced that it is partnering with Competitor Group, Inc. (CGI) to sponsor the Events DC Nation’s Triathlon, one of the premier olympic distance triathlons in the United States. The sponsorship reflects the Herbalife commitment to help people around the world lead a healthy, active life.
Herbalife will be the title sponsor of the “Herbalife Congressional Challenge” and the “Herbalife Recovery Zone.” The Herbalife Recovery Zone will feature a selection of Herbalife24™ sports nutrition products, which are designed to help athletes train, compete, recover and perform at the highest level, including Herbalife24™ Rebuild Endurance recovery shake and H3O® Fitness Drink. Herbalife will also provide athletes with nutrition tips and best practices for pre-, during, and post-event to assist participants in training for this and future events.
“Herbalife is very excited to be partnering with CGI on such a landmark event,” said Rob Levy, executive vice president, worldwide sales and marketing, Herbalife. “The endurance athlete community is one we have a longstanding respect for and relationship with, both through the events we are involved with around the world and the successful athletes who benefit from Herbalife® sports nutrition products. We look forward to welcoming all participants
Hot Business News Today
Thirty-One Gifts Founder Replacing President
by Tina Williams • • 0 Comments
Thirty-One Gifts’ Andy Neri will retire as president at the end of the month, and company founder and CEO Cindy Monroe will assume the role, the company announced yesterday.
Neri, 55, joined the Columbus-based direct seller of personalized gifts in 2010 as vice president of product, rising to chief operating officer and then to president in June 2012.
Before Neri was president, Monroe was president and CEO.
Thirty-One recently was named the fastest-growing woman-owned company in the world and the 17th largest direct-selling organization in the world by the Women Presidents’ Organization. Thirty-One Gifts’ revenue grew from $38 million in 2009 to $760 million in 2013.
Thirty-One Gifts, launched by CEO Cindy Monroe out of her basement in 2003, has quickly become a multimillion-dollar organization having over 86,000 consultants in the USA. The company is based out of Hixson, Tennessee and is is a member of the Direct Selling Association.
With a strong vision to celebrate, encourage, and reward hardworking women to success both in and outside the home; Cindy based her company’s name, Thirty-One, on the Biblical verses in Proverbs 31 that praise a virtuous and wise woman.
Thirty-One offers many customizable products focused on making life easier. Whether it’s style, organization, the perfect gift item, or a little bit
Hot Business News Today
Amway Urges India To Release Bill Pinckney
by Tina Williams • • 0 Comments
Amway India’s CEO Bill Pinckney was arrested on May 26 at Amway’s headquarters in Gurgaon. At the time of this writing, he remains in police custody. This continued detention and harassment must end. Amway is a reputable company with 55 years of operating legally and ethically in more than 100 countries and territories worldwide.
And while the newly elected Union government in New Delhi played no role in this police action, we ask their help with the immediate release of Bill so he can be quickly and safely return to his family. To continue with this investigative retention when we have fully cooperated with all investigations and requests from authorities in India – including Andhra Pradesh – is unnecessary and unreasonable.
Whenever our business model has been questioned, we have shown up to provide answers. We have made every effort to be entirely transparent and forthcoming with authorities. If there is a problem, we want to fix it so we can continue to do business in India.
The underlying issue at hand is the lack of clear direct selling regulations that distinguish legitimate businesses like Amway from dishonest ones.
Additionally, provisions of the Prize Chits and Money Circulation Schemes (Banning) Act seem to be
Hot Business News Today
Thirty-One Gifts Expects 14,000 Attendees at Columbus Conference
by Tina Williams • • 0 Comments
Here’s an update on the conference schedule for Thirty-One Gifts.
The Columbus-based – and rapidly growing – company will hold three national meetings this year: Denver July 9-12, Columbus July 22-25 and Ontario, Canada July 18-20.
The Columbus meeting is expected to attract about 14,000 attendees, making it the largest of the three.
“We’ve also committed to hosting our 2015 conference in Columbus, and we’re looking forward to painting the town pink,” said CEO Cindy Monroe.
The company will hold a Canadian conference in 2015 as well and “we’ll most likely hold a third … we have 120,000 consultants and it’s more convenient to hold two regional conferences (in the United States),” said spokeswoman Sara West.
The company has not yet finalized plans for 2016 and beyond, despite an earlier report that Thirty-One Gifts would be holding one of its national conferences here in Columbus through 2019.
Hot Business News Today
Primerica’s Promising Quarter Positively Effects Stocks
by Tina Williams • • 0 Comments
Primerica (NYSE:PRI)‘s stock had its “outperform” rating reiterated by analysts at Raymond James in a research report issued to clients and investors on Thursday. They currently have a $55.00 price target on the stock, up from their previous price target of $50.00. Raymond James’ target price points to a potential upside of 16.18% from the company’s current price.
Shares of Primerica (NYSE:PRI) traded up 0.59% on Thursday, hitting $47.62. The stock had a trading volume of 83,071 shares. Primerica has a 1-year low of $36.42 and a 1-year high of $49.59. The stock’s 50-day moving average is $45.46 and its 200-day moving average is $44.68. The company has a market cap of $2.591 billion and a price-to-earnings ratio of 15.84.
Primerica (NYSE:PRI) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.77 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.82 by $0.05. The company had revenue of $324.30 million for the quarter, compared to the consensus estimate of $332.02 million. During the same quarter in the prior year, the company posted $0.65 earnings per share . The company’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts expect that Primerica will post $3.33 EPS for
Hot Business News Today
Herbalife Responds To LULAC In Lengthy Letter
by Tina Williams • • 0 Comments
Herbalife Ltd. (NYSE:HLF) in it’s letter, responds to the concerns raised by LULAC leader Brent Wilkes .
June 18, 2014
Brent A. Wilkes
National Executive Director LULAC
1133 19th Street, NW, Ste. 1000 Washington, DC 20036
Dear Mr. Wilkes,
I write to address your May 31, 2014 letter to LULAC’s membership regarding Herbalife.
We at Herbalife Ltd. (NYSE:HLF) are proud of our presence in the Latino community and the role we play in helping people achieve healthier lifestyles through education and the use of our healthy and nutritious products. We also are proud of the business opportunity Herbalife provides to those who choose to earn part-time or full-time income. Indeed, our strong support in the Latino community is directly related to the widespread popularity of our products and the business opportunity we make available to those who choose to pursue it.
Herbalife Ltd. (NYSE:HLF) executives and representatives have met with you on three separate occasions. We have explained to you our industry-leading policies and procedures designed to protect Herbalife Members and consumers, and have responded to the issues you have raised during those meetings and elsewhere. Yet, in your letter you continue to state as “evidence” what are in fact misconceptions and unfounded, inaccurate allegations.
Because Herbalife strongly supports