Avon Products, Inc. announced consolidated unaudited earnings results for the quarter and six months ended June 30, 2018. For the quarter, Net sales were $1.2 billion compared to $1.3 billion for the same period a year ago. Total revenue was $1.35 billion compared to $1.39 billion for the same period a year ago. Loss before tax was $0.3 million compared to $12.2 million for the same period a year ago. Net loss attributable to Avon was $36.1 million compared to $45.5 million for the same period a year ago. Basic and diluted loss per share was $0.09 compared to $0.12 for the same period a year ago. Adjusted revenue was $1.35 billion. Adjusted operating profit was $76.7 million. Adjusted income before tax was $23.4 million. Adjusted net loss was $7.8 million. Adjusted diluted LPS was $0.03. The revenue decline was driven by a decline in active representatives, particularly in Brazil, which drove half of the reduction.

For six months, net sales were $2.57 billion compared to $2.65 billion for the same period a year ago. Total revenue was $2.74 billion compared to $2.72 billion for the same period a year ago. Profit before tax was $10.1 million compared loss of $18.9 million for the same period a year ago. Net loss attributable to Avon was $56.4 million compared to $82 million for the same period a year ago. Basic and diluted loss per share was $0.15 compared to $0.21 for the same period a year ago. Net cash used in operating activities was $106.7 million compared to net cash provided by operating activities $11.2 million for the same period a year ago. Capital expenditures were $48 million compared to $43 million for the same period a year ago. Adjusted revenue was $2.74 billion. Adjusted operating profit was $132.5 million. Adjusted income before tax was $44.7 million. Adjusted net loss was $10.9 million. Adjusted diluted LPS was $0.05.

The company expects modest improvement in revenue trends in the second half of 2018.

The company continue to expect that structural and operational changes will result in an annualized tax rate of approximately 65% for 2018.