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Unlike most other sellers of beauty products, Avon sells to consumers directly by using other consumers as sales representatives.
Avon's direct selling model gives it a unique advantage in places where there is no preexisting retail infrastructure. "That's the only way to sell stuff in emerging markets," said Linda Bolton Weiser, analyst with Caris & Co. In places such as Brazil and China, Avon's competitors have to build their market from scratch.
While North American revenue fell about 6% last quarter, sales in Latin America, the region that makes up the bulk of Avon's revenue, were up 32%. Overall, sales are expected to increase 11% this year.
Avon is also starting to see benefits from a restructuring program that it launched in 2005. By 2012, the company said it expects to save $430 million a year.
NEXT: Darden Restaurants, Inc.
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