Avon Shares Rise
Avon Products Inc., a direct seller of beauty products, said yesterday its fourth-quarter profit fell 30 per cent on restructuring costs and other charges.
The company's shares rose more than seven per cent in trading on the New York Stock Exchange. Earnings dropped to US$128.9 million, or 30 cents a share, in the last three months of 2007 compared with $184.1 million, or 41 cents a share, a year earlier. The company said restructuring costs and charges related to simplifying its product line lowered earnings per share by 34 cents in the latest period.
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