Avon net rises sharply on Latin America strength
by Mae Anderson AP Retail Writer
NEW YORK (AP) -Raising prices and selling more products in Latin America, its largest market, helped cosmetics seller Avon Products Inc. more than triple its first-quarter profit, the company said Tuesday.
Avon's net income and revenue beat expectations, and the company's stock rose more than 6 percent by midday.
We are squarely focused on restoring growth in Brazil and Russia in the second half, CEO Andrea Jung said.
Revenue also rose fast in other areas, particularly Turkey and South Africa, and Citi Investment Research analyst Wendy Nicholson said the year is off to a strong start.
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