Summary Box: Avon 1st-quarter net income jumps

AP News
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Posted: May 03, 2011 11:20 AM
Summary Box: Avon 1st-quarter net income jumps

THE NEWS: Cosmetics seller Avon Products Inc. on Tuesday reported its first-quarter net income nearly tripled. Revenue rose 7 percent to $2.63 billion, helped by strength in Latin America.

THE CONTEXT: Avon makes around 80 percent of its revenue outside of North America. Beauty product sellers are trying to offset higher commodity costs by raising prices, but customers are also being squeezed by higher gas prices.

WHAT'S NEXT: Avon says it is focused on restoring growth in Brazil and Russia, two countries that have been weak over the past several quarters.