Avon 2003 Annual Report Download - page 9
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
management’s discussion
Results of Operations – Consolidated
Favorable (Unfavorable)
%/Point Change
2003 vs. 2002 vs.
2003 2002 2001 2002 2001
Net sales $6,804.6 $6,170.6 $5,957.8 10% 4%
Total revenue 6,876.0 6,228.3 6,000.3 10 4
Cost of sales 2,613.1 2,438.5 2,364.6 (7) (3)
Marketing, distribution
and administrative expenses 3,224.0 2,892.0 2,803.5 (11) (3)
Special charges, net (3.9) 34.3 94.9 — 64
Contract settlement gain, net — — (25.9) — —
Operating profit 1,042.8 863.5 763.2 21 13
Interest expense 33.3 52.0 71.1 36 27
Interest income (12.6) (14.2) (13.4) (11) 6
Other expense (income), net 28.6 (9.9) 15.8 — —
Net income 664.8 534.6 444.6 24 20
Diluted earnings per share 2.78 2.22 1.85 25 20
Gross margin 62.0% 60.8% 60.6% 1.2 .2
Marketing, distribution and
administrative expenses
as a % of Total revenue 46.9% 46.4% 46.7% (.5) .3
Special charges and Contract
settlement gain as a %
of Total revenue (.1)% .5% 1.2% .6 .7
Operating margin 15.2% 13.9% 12.7% 1.3 1.2
Effective tax rate 32.1% 35.0% 34.8% 2.9 (.2)
Units Sold 5% 13%
Active Representatives 12% 10%
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