Oct. 29 (Bloomberg) -- Avon Products Inc., the world’s largest door-to-door cosmetics seller, said third-quarter profit declined 30 percent as currency translations hurt sales. The shares dropped.

Net income fell to $156.2 million, or 36 cents a share, from $222.6 million, or 52 cents, a year earlier, the New York- based company said today in a PR Newswire statement. Revenue decreased 3.5 percent to $2.55 billion.

Avon makes more than 75 percent of its revenue outside North America. Foreign-exchange translations hurt revenue growth in the quarter by about 11 percentage points, according to the statement.

“The company has indeed suffered disproportionately from currency effects,” Ali Dibadj, an analyst at Sanford C. Bernstein & Co. in New York, said in an Oct. 15 note to investors. “Given the U.S. dollar’s recent weakening, Avon is positioned to benefit significantly from currency over the next twelve months.”

Avon said in July that it would eliminate 1,200 jobs, or 2.9 percent of its workforce, over the next four years to help create $200 million of annualized savings by 2012-2013. The cosmetics seller said restructuring costs from programs this year and in 2005 totaled 6 cents a share in the quarter.

Analysts predicted profit of 39 cents, excluding some restructuring costs, and sales of $2.56 billion, the average of estimates compiled by Bloomberg.

Avon fell 42 cents, or 1.3 percent, to $32.58 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have gained 36 percent this year.

To contact the reporter on this story: Allison Abell Schwartz in New York at aabell@bloomberg.net.

Last Updated: October 29, 2009 16:39 EDT