Avon Shares Tumble After Cosmetics Company Posts Unexpected Loss
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Avon Products Inc. shares fell to the lowest price in seven weeks after the cosmetics company reported an unexpected first-quarter loss, hurt by the strong U.S. dollar, restructuring costs and a writedown of its Venezuela business.
The loss amounted to 7 cents in the period, the New York-based company said in a statement Thursday. Analysts had projected profit of 3 cents on average.