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Annual Report 2008
T
T
o o
u
r s
h
are
h
o
ld
ers
Meet Dawn Parrino. Dawn joined Avon in 1997 for just $10. During her
M
eet Dawn Parrino. Dawn joined Avon in 1997 for just $10. Durin
g
h
e
very fi rst week with the company, going door to door she earned $800.
v
ery fi rst week with the company,
g
oin
g
door to door she earned $80
“I was amazed. I was astonished. I thought I would earn just a little extra,
I
was amaze
d
.
I
was as
t
on
i
s
h
e
d
.
I
th
oug
ht
I
wou
ld
earn
j
us
t
a
littl
e ex
t
r
a
and here I was making a signifi cant amount of money.”
d
he
I
ak
in
si
ifi
t
nt
f
”
Dawn is one of 500,000 Avon Re
p
resentatives in the U.S. who have turned
to Avon in a challen
g
in
g
economy. She is one of six million Representatives
worldwide who have discovered the power o
f
Avon to help make their
dreams come true. And she is also one o
f
two billion women globally who
are searching
f
or solutions in an increasingly complex world.
The
p
ower of Dawn is the
p
ower of Avon. That’s wh
y
I’m
p
leased to re
p
ort
that Avon delivered another stron
g
performance in 2008, despite the
challenging economic conditions that a
ff
ected all businesses, including
ours, beginning late in the year. Full-year earnings per share in
2008
increased 69% com
p
ared with 2007. Full-
y
ear revenues reached a record
$10.7 billion, u
p
8%, or 5% in local currencies.
Revenue growth was
f
ueled by another strong per
f
ormance in Beauty,
which grew 10
%
(7
%
in local currency), refl ecting market share gains
across the portfolio. Color increased 11%
(
8% in local currency
)
as we
continued to elevate innovation, enhance our ima
g
e and levera
g
e the
exceptional popularity of Avon’s Global Ambassador, award-winnin
g
ac
t
ress
R
eese
With
erspoon.
Fragrance in 2008 was up a strong 9
%
(8
%
in local currency) powered by
celebrity and desi
g
ner alliances, includin
g
Unscripted
by Patrick Dempsey,
d
U
by Ungaro and
U
Bon
d
Girl 007. Skin Care grew 10%
(
5% in local currency
)
as we continued to strengthen our
fl
agship
Anew
brand.
w
A
ne
w
grew 20%
w
in 2008, reaching total sales of
$
900 million for this single brand alone. In
Personal Care, full-year revenue increased 8
%
(5
%
in local currency) as
we si
g
nifi cantly stren
g
thened merchandisin
g
in this cate
g
ory.