Avon 2004 Annual Report Download - page 9
Download and view the complete annual report
Please find page 9 of the 2004 Avon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
 |
 |
Results of Operations – Consolidated
Favorable (Unfavorable)
%/Point Change
2004 vs. 2003 vs.
2004 2003 2002 2003 2002
Net sales $7,656.2 $6,773.7 $6,142.4 13% 10%
Total revenue 7,747.8 6,845.1 6,200.1 13 10
Cost of sales 2,911.7 2,611.8 2,438.2 (11) (7)
Marketing, distribution
and administrative expenses 3,610.3 3,194.4 2,864.1 (13) (12)
Special charges, net (3.2) (3.9) 34.3 (18) —
Operating profit 1,229.0 1,042.8 863.5 18 21
Interest expense 33.8 33.3 52.0 (2) 36
Interest income (20.6) (12.6) (14.2) 63 (11)
Other expense (income), net 28.3 28.6 (9.9) 1 —
Net income 846.1 664.8 534.6 27 24
Diluted earnings per share 1.77 1.39 1.11 27 25
Gross margin 62.4% 61.8% 60.7% .6 1.1
Marketing, distribution and
administrative expenses as a
% of total revenue 46.5% 46.7% 46.2% .2 (.5)
Special charges as a
% of total revenue — (.1)% .6% (.1) .7
Operating margin 15.9% 15.2% 13.9% .7 1.3
Effective tax rate 27.8% 32.1% 35.0% 4.3 2.9
Units sold 13% 5%
Active Representatives 11% 12%
On a category basis, net sales growth in
2004 was driven by increases in Beauty
sales of 17% and Beauty Plus sales of 8%.