Avon Products (AVP, Financial) is a manufacturer and marketer of beauty and related products. Avon’s turnaround has been hampered by the difficulties imposed by an emerging market slowdown and the strength of the US dollar temporarily impairing the company’s operating profits and cash flow. Despite headwinds, Avon continues to make progress in identifying and fixing the challenges involving representative engagement and the company’s supply chain. The recent decision to raise equity and sell Avon’s North American business should help accelerate the growth of revenue and earnings. We trimmed our position during the fourth quarter to harvest a tax loss.
From the Weitz Funds' Hickory Fund shareholder letter for fourth quarter 2015.
