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Avon Accessories Inc  (NYSE: AVP)

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Q3 2018 Antithesis Arrangement Call

Nov. 01, 2018, 9:00 a.m. ET


Good morning. My name is Dorothy, and I will be your arrangement abettor today. At this time, I would like to acceptable anybody to Avon’s Third Analysis Antithesis Arrangement Call. All curve accept been placed on aphasiac to anticipate any accomplishments noise. Afterwards the speakers’ remarks, there will be a question-and-answer session.

(Operator Instructions)

The aggregation will use slides to abutment today’s able remarks. The slides will be arresting via the webcast attainable on the company’s Investor Relations website. A downloadable PDF of the presentation will be fabricated attainable at the end of the call.

During the alarm today, the aggregation will advertence assertive non-GAAP banking measures, which they accept to be advantageous to investors, although they should not be advised aloft to the measures presented in accordance with GAAP. As a reminder, the aggregation prospectively adopted the new acquirement acceptance accounting accepted during the aboriginal quarter. To board a fair comparison, admonition will be aggregate excluding the appulse of the standard. This admonition is labeled like-for-like.

A adaptation of these non-GAAP banking measures to their commensurable GAAP measures is included in the addendum of this webcast and in the company’s antithesis release. Both are amid on the Investor Relations beyond of the company’s website.

The alarm will additionally board advanced statements that affair the company’s business and banking strategies. These statements absorb risks and uncertainties, which are abundant in the cautionary annual attainable in today’s slides on the company’s Investors Relations website and in the company’s SEC filings.

I will now about-face the arrangement over to Amy Greene, Investor Relations. Ms. Greene, you may activate your conference.

Amy Greene — Vice President, Investor Relations

Thank you, Dorothy. Acceptable morning and acknowledge you for abutting us to analysis Avon’s third analysis 2018 results. I’m actuality with Jan Zijderveld, Avon’s CEO; Jamie Wilson, CFO; and Miguel Fernandez, Avon’s President. Jan, Jamie and Miguel will booty us through our advance and our third analysis results, and afresh we will move to a Q&A session.

Slide three has this morning’s agenda. I’ll now duke the alarm over to Jan.

Jan Zijderveld — Chief Executive Officer

Thanks Amy. Acceptable morning and acknowledge you for abutting us today. Today I appetite to awning four areas. First, I will alpha with the highlights. Next, Jamie will allotment the analysis three banking results, and accustomed our focus on rebooting amusing affairs at Avon, I’ve ask Miguel to accompany us today to altercate the advance we are authoritative in this analytical beyond of our business. And finally, I will allotment our advance on the transformation journey.

Let me alpha with a quick altercation of the quarter. It was about six weeks ago aback we presented our Attainable Up Avon action at our Investor Day. At that point in time, we were two weeks from closing out the third quarter, and I’ve declared Avon as the accommodating on the operating table. We are not annoyed with the financials this quarter. Breadth we accept fabricated lots of advance adjoin some of the key levers and initiatives that we discussed during the Investor Day. And afterwards Jamie goes through the results, Miguel and I will amend you on some of those initiatives and strategies.

While we are starting to see improvements in abounding areas of the business, they are not yet big abundant to move the banking needle. But we are alteration and architecture a new Avon. As I said before, the displace of our business will booty time to appear through the results. But we are aflame that we are alpha to see some improvements, while we are alive adamantine to fix the leaks, focus on architecture our new big advance drivers and importantly, we are architecture to globalize repeatable models that are action well.

As I said before, it will booty time. But first, now Jamie, for the capacity of the after-effects of analysis three. Jamie, over to you.

Jamie Wilson — Chief Banking Officer

Thanks, Jan and acceptable morning. I will alpha on advance five. As a reminder, starting on January 1st, we adopted the new acquirement acceptance standard, which is reflected in our third analysis after-effects and categorical in our columnist release. Already again, we are accouterment a like-for-like or LFL results. Like-for-like provides a advantageous allegory of year-over-year abstracts that exclude the appulse of the acceptance of the new accounting accepted on acquirement acceptance and all non-GAAP adjustments.

I would like to point out that this quarter, we appear a ample non-GAAP acclimation for the non-recurring changeabout of the Brazilian IPI tax provision, which is declared in our columnist release. For convenience, you can acquisition a table accouterment adaptation of the like-for-like and adapted non-GAAP, and appear admonition in the columnist absolution and in the addendum to this presentation.

As a reminder, any discussions of acquirement during today’s alarm will be in connected dollars and our after-effects are application like-for-like admonition in this presentation, unless contrarily stated.

Turning to advance six. Brazil’s achievement continues to abnormally appulse our all-embracing results. The acquirement abatement represented added than 80% of the all-embracing acquirement abatement in reportable segments. The advancing ambiance in Brazil continues to accent with abounding complete affairs companies innovating and authoritative enhancements to the adumbrative experience.

Excluding Brazil, Avon’s acquirement would accept below by below than 1%. Markets like Brazil and Russia with accomplished new General Managers are alive to apparatus the all-important accomplishments to displace their businesses, while injecting alpha perspectives and bare changes. Animation in periods of affecting change is not unusual. We apprehend to acquaintance added animation in these markets as the turnaround proceeds. That said, there are added top markets that are added forth and are alive to advance the advance trends.

Despite a 4% abatement in revenue, adapted gross allowance bigger by 10 abject points, because of the favorable net appulse of bulk and mix, partially annual by college accumulation alternation costs. Adapted operating allowance below by 280 abject points. As we categorical during our contempo Investor Day, we accept fabricated a acquainted accomplishment to advance in assembly and acreage expense, decidedly to antithesis action levels disrupted by Brazil’s National Busline Bang in the added analysis of 2018 as able-bodied as adjustments to advertising.

We’re still in the accord with our assembly in Brazil is imperative. These are accession investments are key to resetting the foundation for abutting success to about-face about this bazaar and the abundance growth.

Moving to advance seven. As I mentioned, third analysis acquirement from reportable segments below 4%. On a connected dollar basis, apprenticed by abatement in Brazil. Alive Assembly below 5% and boilerplate adjustment bigger by 1%. As we aggregate at Investor Day, alive our focus added adjoin bigger assembly abundance charcoal a priority.

Avon’s displace appearance has begun. We are authoritative all-important and in some case affecting changes in abounding of our bigger markets, which may actualize volatility, but are all-important to move forward. We are alive to do our adumbrative abject and to advance their abundance and earning power. This is axiological to advance competitiveness and growth. And you’ll apprehend added about these efforts from Miguel.

Total Adorableness sales fell 5%, abundantly apprenticed by Color, breadth achievement was afresh impacted by benevolence in Brazil. Sales to new innovations are auspicious with assorted success for Avon’s Ultra Mascara cast refresh. Mark performed well, while Blush Trend was impacted by added competition, decidedly in LatAm.

Of note, we are starting to see improvements in both aroma and bark care. Importantly, Aroma had two apparent cast refreshes, Far Abroad Rebel and Eve Discovery collection. Best afresh during Paris Fashion Anniversary in the alpha of October, we launched the new Avon Activity Color, our newest aroma advised by Kenzo Takada.

Fashion & Home grew by 2%, abundantly on improvements in Home chic with (inaudible) apprenticed by sales in LatAm.

In Mexico, sales in the Home chic were decidedly strong. And that articulation is a cogent allocation of the all-embracing Fashion & Home business. Fashion saw notable success in the Philippines, aided by affectionate apparel. 2% advance in price/mix is actuality apprenticed by our acquirement advance administration initiative, an chip admission to pricing, promotional adeptness and artefact mix management.

We apprehend to see connected advance in our all-embracing bulk aggregate mix as we action added avant-garde products, bundles and regimes and trainer assembly to actualize appeal while accretion her earnings.

Moving to advance eight. Adapted operating allowance decreased by 280 abject points, apprenticed by investments fabricated in the Adumbrative experience. Gross allowance bigger by 10 abject credibility on a 4% abatement in revenue, primarily from inflationary appraisement and mix. Adapted SG&A, as a allotment of acquirement added 290 abject points. The admission was apprenticed by investments and Representative’s acreage and appurtenances expenses, primarily in Brazil.

Also accidental was the appulse of college advertisement to abutment new artefact launches in Mexico and additionally adopted exchange. During the third quarter, we had a complete bulk accumulation of about $40 amateur afore taxes, about bisected of this is attributable to the Attainable Up Avon and the added bisected is attributable to the Transformation Plan. We completed the restructuring accomplishments associated with Transformation Plan and we’ll avenue 2018 with a run-rate extenuative of $350 amateur as targeted.

Turning to advance nine. Our adapted assets tax accouterment was $1 million, a abatement of about $35 amateur compared to the antecedent year. We accept that our structural and operational changes will aftereffect in an annualized tax bulk of about 65% for 2018. Attractive advanced for 2019, we apprehend to see added reductions over the advance of the year.

Cash breeze from operations for the three-months aeon was $32 million. Our banknote from operations was absolutely impacted by $68 amateur in banknote accompanying to the acknowledgment of our Brazilian IPI tax deposit. And it was abnormally impacted by about $34 amateur due to timing of an aberrant tax payments that we had afterwards recovered in October.

Our year-to-date banknote about-face has been lower than anticipated. While we accept fabricated some acceptable advance in abbreviation our annual balances, it has been slower than expected. We’ve appointed a new Head of Sales and Operational Planning and he is putting into abode an chip process, focused on convalescent appeal forecasting, strategies and controls about abounding antithesis inventory.

Turning to advance 10. Bill headwinds abnormally impacted Q3. Adapted operating accumulation by $20 amateur or 100 abject points, a abrogating 10% of adapted revenue. This has added from the aboriginal bisected of the year, primarily due to affecting declines in Argentina and Turkey, forth with advancing animation in Brazil.

Price headwind in Q4 is acceptable to be agnate to the third quarter. We are demography appraisement accomplishments to admonition abate the devaluations and alive to localize productions in markets like Turkey, Russia and Argentina. We accept that adopted barter headwinds will abide to appulse the business throughout 2019. We will abide to adviser and aim to abate the appulse through pricing.

In summary, we are in the displace appearance of our journey. Breadth we are demography the basics with accelerated faculty of urgency. We apprehend to enhance our focus on acquirement advance management, as able-bodied as breeding efficiencies and managing costs to armamentarium our affairs for abutting growth. This effort, accompanying with the assignment that has been done to strengthen our antithesis sheet, provides us with the adeptness to accomplish these investments while affair our advancing banking commitments.

And now, I’ll about-face it over to Miguel.

Miguel Fernandez — All-around President

Thank you, Jamie. Starting on advance 12. Acceptable morning. Let me activate by reviewing after-effects in our top markets. In the third quarter, we saw connected acquirement advance in three of our top bristles markets; Mexico, Argentina and Philippines. Architecture on Mexico’s added quarter, third analysis acquirement added 7.2%. In a analysis annual — benefited from the initiatives we accept ahead talked about, added an added focus on trading.

Mexico is implementing the analysis model, absorption on the top earners. This included added training incentives and service. These efforts resulted in an bigger acquirement achievement amid this accumulation and contributed to the all-embracing success in the quarter. Finally, the acknowledged barrage of the blush and aroma innovations helped drive an 8% admission in Mexico’s boilerplate order. Argentina’s able advance continuing up 18.7%, based on appraisement to annual the valuation.

While ending(ph) reps added 4% in the quarter, we are additionally seeing the acceptance and acceptance of our e-commerce platform. The Philippines acquirement grew 3.7% over the above-mentioned year as a aftereffect of the bazaar focus on growing skincare and improvements in service. We accept this success was accurate by the use of the aloft calibration recruiting meetings, forth with a bright and focused bulletin about the allowances of acceptable an able representative.

Jose Vicente Marino, Brazil’s new General Manager abutting Avon in mid-September. He and his aggregation accept amorphous demography accomplishments to bank up as we body the Brazilian business. We’re afraid to see Brazil recover. It will booty time, but we accept we’re advance the action and the assets to accomplish it happen. We accept the bazaar can activate bear consecutive improvements during 2019.

And finally, Russia is awful advancing for shrinking adorableness market, our trends got softer. But we saw accretion adorableness bazaar allotment during the quarter, led by the success of fragrance.

Now on advance 13. During our contempo Investor Day, we had abstruse the three analytical elements to about-face about our business regaining advancing position in the all-around adorableness market, advance the bulk of our business, apparatus cardinal breakouts and transform the culture. I’m action to allege to the aboriginal brace of points.

Turning to advance 14. Our top antecedence is architecture our complete affairs model. This starts by accouterment our assembly with the appropriate tools, training, incentives and annual to accredit her to abound her chump base, while acceptable a trusted adorableness advisors. This is a agitator to our turnaround. We accept that we accept what charge be done and we are demography the appropriate actions.

We’re demography accomplish in markets about the apple to analyze allotment and calibration best practices that attract, alternation and actuate representatives, advance their end-to-end experience, admission perpetuity and aerate their earning potential. Let me highlight a few of our key initiatives actuality implemented aloft the markets.

Turning to advance 15. First, we are implementing cogent changes in our admission to recruiting and training of our representatives. Convalescent her adequacy and allotment her to recruit her. Leveraging the programs in APAC, we’re assuming and ascent best practices from Philippines and India, breadth we’re auspiciously hosting all-embracing recruiting events.

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In the quarter, in this application affairs resulted in a almanac arrangement with over 27,000 new recruits abutting Avon which is added in one aeon than we’ve anytime recruited during a distinct aeon of our 22-year history in the market. We additionally accomplished our accomplished anytime advance count, up over 40% and alive rep advance over 30% compared to our antecedent year. The majority of our top 10 markets are alive to localize these accession best practices as allotment of their 2019 recruiting plans.

We’re additionally adorning the aboveboard about why you appetite to become an Avon representative? By agreeable -to-be reps bound with a bright anecdotal and bulk proposition, accurate by the allowances axis to set them to body their business — their Avon business. We set the appropriate foundation for their success. Avon’s acute direct-selling bulk hypothesis enables women to become acknowledged part-time or full-time entrepreneurs, and complete learners.

We’re authoritative the all-important improvements to abutment her success. We additionally calendar that if we alpha training her immediately, allowance her get to what she believes are accordant earnings, she’s added acceptable to break with Avon and abide to abound her business. So, we accept launched in Mexico, 90-day training plan that outlines action that any Adumbrative should chase anniversary accompaniment to accredit them to acquire added money beforehand in their time with us. We accept confused abroad from our actual one ancillary (inaudible) abutting to training, business and incentives. To a anecdotal model, the added anon addresses her goals and motivations and sets her up for success.

The UK has led the way with active analysis by accouterment kits and training with intend and added countries will chase their lead. Ablution agnate initiatives throughout 2019.

Repeatable scalable business methods are key to our abutting success. We’re anecdotic and architecture below acknowledged programs initiatives and afresh globalized them and localized them. Advance 16, recruiting abandoned is not enough. We charge to arm our adumbrative with the appropriate affectionate of training, we alarm that training with intent. And our ambition was to alternation over bisected a amateur assembly in the added bisected of 2018. We accept essentially exceeded our ambition this quarter. We accept about 800,000 assembly accomplished forth with an added 190,000 assembly taken advantage of online training. We accept accelerated our training efforts with affairs to bifold these numbers in the fourth quarter.

As I mentioned in the Investor Day, about bristles years ago, a accommodation was fabricated to cut adumbrative training out of abounding countries including Brazil. Reinstating training affairs is basic to drive assimilation and allowance her become a bigger adviser to her clients. Accession archetype from Mexico, they barrage training contest aloft added analysis this quarter. Sending 24 sales managers and 24 architecture artisan into the acreage to board easily on training.

Training the accomplished empowers our sales leaders to afresh alternation their organizations and customers. We already apparent the allowances of these programs. Their assembly who abounding are carrying bigger sales achievement and college boilerplate orders compared to those yet to be trained.

As a bulk of fact, in Mexico, bodies who were aggravating to advance their antithesis by 8% to 10%. Establish and empower is a training adeptness is an advancing basic allotment of Avon’s complete affairs model. The UK and Mexico accept been out advanced alive adjoin architecture an army of trainees aural our adumbrative administration and all the key markets are action to chase their lead.

Slide 17 highlights the key cardinal blemish advised to admonition our assembly bear added bulk and admission their earnings. As we discussed in Investor Day we’re accouterment a adumbrative with added abundant of its bundles and regimens as of exceptional skincare and fragrances options. Their accession accurate by training programs are advised to accredit our adumbrative to augment the accord with the barter and advance her earnings. Owing to these introducing bundles that addressed abounding altered mix. For example, in some economically challenged markets we’re creating bulk bundles. This action provides a able bulk allurement for barter to acquirement groupings of products, amalgamation calm rather than in a distinct item.

A abundant skincare sample is our new mission while premiums skincare band in barrage in APAC and Central Europe for the anniversary season. These new curve can command exceptional appraisement that is as abundant as 10 times college than the acceptable Avon products. And in the case of (inaudible) why? Added trainings appropriate afore adumbrative can advertise the line. Our aboriginal success aural alternative of new fragrances such as Eve Discovery and Far Abroad Rebel are actuality awash as allowance sets at a college bulk credibility and — than the distinct products.

We’re accouterment her with aerial priced exceptional aroma options, including the Avon Activity Blush developed in amalgamation with Kenzo Takada, Segno for Men(ph), Little Black Dress in China. For example, Little Black Dress was launched with a actual accepted amateur in China. This advertisement of the amalgamation through 26 amateur (inaudible) annual and has become the top awash aroma in China based on units.

Slide 18. In summary, our ambition is to clean the adeptness of our complete affairs model. We accept several key initiatives actuality implemented in altered stages aloft the globe. While some markets are added forth than others and already accepting traction, we accept affairs to aggrandize our efforts to body and calibration our recruiting and training capabilities aloft all markets in 2019.

Well, it will booty time for our archetypal to adeptness its abounding abeyant and there are added changes to be implemented. We’re alpha to see some fruits of our labors including those accent today.

Now aback to Jan.

Jan Zijderveld — Chief Executive Officer

Thanks, Miguel. Now, axis to advance 20 and I will focus now on the cardinal breakouts. The added basic of our action is to advance our cardinal blemish as opportunities for cogent growth. I will blow on a few examples in anniversary of the areas to appearance how we are authoritative progress, and ambience the date for abutting growth.

Moving to advance 21, creating added value. We accept a cardinal of agency to admission our earnings. Aboriginal is to advance the adequacy of our advance and bulk management. We accept apparent complete after-effects of this over the aftermost two abode already. Next, we accept been innovating to adeptness college bulk credibility and bulk up for our new products. A few examples from Q3 are, Lip boom and Gold Mask which are both bulk at $9 and Segno our new men’s aroma up $17 which is allowance us to drive added bulk and advance on our boilerplate bulk per item, which currently is abandoned about $3.

Next is to win at all bulk points, ablution added and new exceptional accessories provides added opportunities for antithesis for the year and we’re alive to add added exceptional accessories to comedy in all bulk tiers action forward.

Finally bundles, which afresh increases anniversary transaction value. This will booty up about 20% of our accession and brochures advantage in the fourth quarter. We accept a advanced array of bundles as Miguel said, not abandoned for the anniversary division like Christmas, but additionally advancing Evergreen bundles and regime’s all at college bulk credibility that will additionally require, of course, training.

Moving to advance 22. Accretion admission through calendar and the important e-commerce. We charge to move aloft the concrete advertisement to board Avon Products, anywhere, anytime, including alluring new and additionally adolescent added burghal consumers. We accept launched My Avon abundance now in 20 markets giving our assembly the adequacy to advertise online to anyone, anywhere.

We apprehend to be in all markets by the end of this year. We accept already appear a lot about our E-brochure and we are currently in 50 markets. Key is acceptance and training. In Brazil, afterwards training, we saw cogent addition in sales by the e-brochure and as you may accept apparent from the columnist absolution aftermost week, we’re additionally introducing new abettor affairs accoutrement like our 21-day accomplish over app that was launched in the UK and this should admonition our adorableness consultants to become complete claimed adorableness advisors.

Second, is to admonition with calendar accoutrement to accomplish her business better, easier and faster to run. We accept created My Avon Office to do aloof that. This is a new apparatus acceptance her to do aggregate from an online dashboard, in addition, we additionally launched a new app to acquiesce anyone to accredit themselves as a new adumbrative online.

And finally, we charge to body the adequacy to move faster and arrange them everywhere with speed. To accord you an example, we accept gone from one country in six-months to six countries in one month. To get the complete absorption and the acceptance with the assembly we afresh charge training.

We see acutely afterwards training, sales from the E-brochure or My Avon Abundance added significantly, demonstrating that the focus on training and development is analytical to drive the acceptance to abutting growth.

Moving to advance 23. There are added opportunities. If we attending at the APAC region, we are actual below adumbrative in Asia today. The arena accounts for abandoned 10% of our complete revenue. And if we exclude our able and acknowledged Philippine business, the arena abandoned accounts for 3% of our sales. We all know, Asia is a big opportunity. It is breadth the majority of the world’s citizenry live. The boilerplate chic is growing and both the beauty, as able-bodied as the complete affairs bazaar are actual big and additionally growing.

In Asia, we accept a big brand, but a baby business. We accordingly see a amazing befalling as a aftereffect we accept agreed an advancing five-year advance plan for both China and India.

In India, bodies aflame and appetite to do business with Avon, but historically we accept not been able to acquire abundant money with them. Allowance them admission their earnings, reenergizing this bazaar is key to alleviate the advance potential. Avon befalling affairs accept been actual acknowledged to accomplish new interest. There accept been about 3500 recruiting and training academies to date. Constant in added than angled the cardinal of assembly per ages aback July. Current training initiatives focused on how to admission antithesis and aggregate accoutrement to accomplish it easier for her to be a representative.

We afresh additionally appear a new General Manager for India and attractive for 25% advance in the added bisected of this year because of our new focus and application and training effort. I was in China aftermost anniversary and was actual afflicted with the backbone of the brand, we accept there. We accept a actual big brand, but a actual baby business. With our new approach, we accept fabricated accommodation to about-face our focus on three altered channels, a multi-channel approach.

Firstly, our Avon Adorableness boutiques, secondly retail administration and finally, and actual chiefly e-commerce. To start, we are rebuilding our accord with retailers to disclose our retail channel. We accept already added our retail administration to 6,500 food and will abide to aggrandize on this.

We are additionally alpha to abound our e-commerce business in skincare affliction and aroma and now we alpha to add Blush as a absolutely new category. We are actual aflame with Avon’s Little Black Dress fragrance, our aroma cast for China. Currently, this has become the cardinal one online aroma awash in units in China.

As Miguel mentioned, this cast was launched on T-Mobile with a celebrity endorsement of (inaudible) a adolescent TV actor. Finally, we are advance our Avon Adorableness boutiques. With a added focused portfolio and affective them adjoin added cast acquaintance centers. This is a abundant breadth for accepting admonition and training, sampling and assisted affairs ideas.

Explaining character of our accessories and our accession and the beyond of our regimes and bundles is a abundant abode to do that in our new adorableness boutiques.

Moving to advance 24. Acceptable added open, aperture up Avon. Accession befalling for us is to actualize added appeal for her. We’d be actual focused on added acceleration and added accession to drive the amount. First, we focused on added and bigger all-around accession like the contempo barrage of Avon activity Color, advised by Kenzo Takada or our new eye booster in the skincare category.

On the cast side, we additionally formed on added bounded accession with examples like Far Abroad Rebel aloof for Europe. Which was 20% — 26% bigger than the aftermost aroma launch. At the aforementioned time in Europe, we’ve additionally launched with success the all-around Eve Discovery fragrance, highlighting the bulk of accepting accessories of college priced tiers and with able all-around abutment packages.

Next is application calendar and Influencer as a action to admission and actualize appeal and abduction adolescent consumers. A acceptable archetype of this is the barrage of the Aura aroma in the Mexican bazaar in below than 20 weeks. Partnering with a acclaimed bounded vlog and influencer. This enabled Avon to be in the advanced of the trends while additionally active this via calendar marketing. This admission helped us to abduction the absorption of new adolescent users and helps us advance the Avon brand.

Finally, we are absorption on growing on-trend innovations to admission appeal and action to admonition to abound her business. In analysis four, we will launch, added than 300 new products, 16% added than analysis three and 100 added than aftermost year in Q4. We abide to assignment on accelerating our acceleration to market, leveraging both our alien ally for accession as able-bodied as our centralized teams.

We will accept four times the cardinal of evidently sourced innovations this year adjoin aftermost year. We aggregate the Lip boom artefact aftermost analysis highlighting that we were able to accompany this new Lip boom to the bazaar in aloof 23 weeks about bisected the time it acclimated to take. This artefact was additionally the best — the third best Lip barrage anytime in the UK, and we’re now rolling this out aloft Europe and into LatAm at the end of this year.

Next advance 25. I’ve talked about the charge for cultural transformation. To a culture, the non-fresh(ph) as the new and is added attainable in the way of cerebration and the way of working. We’ve fabricated abundant advance over the aftermost several months in abounding areas, but as we apperceive adeptness triumphs strategy. Unless we change this the turnaround will not happen. This includes alpha cerebration as we appraise agency to become simpler, leaner, faster and with assets and accessories that are fit for purpose.

Turning to advance 26. Let me allotment how we are cerebration differently. We accept reorganized to get abundant afterpiece to the markets. This is analytical to become added active and admission our acceleration and drive new initiatives that are added allusive to her locally. To do this, we accept reorganized business and analysis in development to become afterpiece to our big markets and put assets in our factories and our markets due to do better.

As able-bodied as adopted a new added end-to-end admission in accumulation alternation and absolutely cut bottomward the silos in our organization. We accept additionally created a new all-around business communities through bigger connectivity, drive big initiatives and allotment account and best practices aloft all markets. We apperceive we charge to abridge and become added active to abutment our 6 amateur adorableness entrepreneurs. We accept started that accomplishment by abbreviation complication in our processes and become added attainable to alien solutions. You saw this in our bigger acceleration to bazaar with on-trend innovations.

We abide to abate complication in our centralized infrastructure, constant in our adeptness to accomplish with a bacteria aggregation and alive to abate spans and layers. Accession attainable befalling for us was to barrage an SKU abridgement ambition of bare 25%. The SKUs with the everyman sales activities bulk to a actual baby allotment of our sales below than 5%. Abbreviation this auction will admonition accomplish appeal administration easier, bigger apparent to her and abate the bulk embedding of autumn all the aforementioned inventory.

The third beyond is fit for purpose assets and the infrastructure. We evaluated how to bigger advantage our underutilized accessories and accept appear the ambition to advertise our Rye, New York adeptness as able-bodied as our Chinese accomplishment facility. In addition, we afresh affianced in a cardinal of new agreements to abutment third affair operations through our administration centers, afresh to advance appliance and we accept entered into an outsourcing acceding for our IT abstracts centers.

While we attending to accumulate our assets and to optimize our assets we additionally bare to inject and alloy talents. To accredit the clip of change that we only, but — that we all apperceive we need. We added added new hires in analysis three. And now, about bisected of our top 33 leaders are new and allowance to advance and body a new achievement adeptness with accuracy and speed. We accept acceptable simpler, leaner, faster and added evidently orientated all with a focus on her, our complete boss.

Moving to advance 27. We accept fabricated a lot of advance during the quarter. We aggregate this advance during the Investor Day, administration our goals and activities for the added bisected of 2018. We said we would alternation bisected a amateur assembly for the added half. We already did alert that this quarter, we said we would add 200 new products, we accept developed 300 new accessories rolling out in analysis three. We accept completed the accomplishments accompanying to our old bulk extenuative programs and accept already started to accomplish bulk accumulation to ammunition our advance further. Aggregate our improvements on appraisement and mix administration and this has angry complete over the aftermost two quarters. I additionally aggregate that 45% of our chief managers are new, we angled our advance in training over the aftermost analysis adjoin aftermost year and we accept E-brochures now in 50 markets. The abandoned annual on this folio that in the action is the cast relaunch, we accept done a lot of abundant assignment on our cast relaunch in testing and acceptance it for the blow of the year, acceptable to be formed out aboriginal abutting year.

Turning to advance 28, turnarounds do booty time and aloft all perseverance. We started by award our strategy, we aggregate this with you in September in the Investor Day. We are now architecture a new Avon blueprint for success. Starting with the bulk to reboot our archetypal of amusing selling, to accomplish it easier for Her to do business with us and acquire money.

Next is the Pull, creating the appeal for architecture a avant-garde attainable trendy, adorableness brands. Next, we are alive to alleviate calendar and e-commerce to admission admission and accomplish Avon attainable anywhere, anytime. And finally, to attainable up and abridge and focus our business by reenergizing, reorganizing and alive our purpose to advance Her life.

As I said, we are in the displace phase, abating the basics, injecting new talent, body a achievement adeptness with rigor, while we cycle out our new repeatable models. In some cases, this agency authoritative actual cogent changes.

Next we will move into the stabilization appearance and afresh advance and grow. But as I said, this will booty time. Acknowledge you for abutting us today, now we would like to booty your questions.

First, let me about-face over aback to Amy to alpha this process.

Amy Greene — Vice President, Investor Relations

Thank you, afore I about-face things over to Dorothy to activate the Q&A session. We appetite to accept affluence of time to board anybody and to ensure that we can carefully acknowledgment as abounding questions as possible, so amuse accumulate that in apperception as we go to the Q&A session.

Dorothy, can you amuse open.

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(Operator Instructions). We’ll abeyance for aloof a moment to abridge the Q&A roster. Your aboriginal catechism comes from the band of Lauren Lieberman. Amuse accompaniment your affiliation, afresh affectation your question.

Lauren Rae Lieberman — Barclays Bank PLC — Analyst

Great, acknowledge you. It’s Barclays. That was a great, it was absolutely helpful, afresh to get some blush on what’s action on, array of below the P&L, the things that we can’t see in the banking after-effects at this point, but alive that there are alien stakeholders and it is a accessible company, it would be accessible if there’s annihilation you could action Jan or Jamie that you would advance as maybe metrics that we should be aggravating to accumulate clue of, to barometer advance from an alien standpoint. I mean, what will we be able to see that we can say, Okay, analysis mark, things are affective in the appropriate direction, while we go through this, this displace assignment that you’ve boarded upon. Acknowledge you.

Jan Zijderveld — Chief Executive Officer

Yeah, thanks, Lauren, it’s absolutely acceptable to apprehend you again. And aboriginal alpha with your question, that’s absolutely good. I anticipate in the end, internally we are alive absolutely a lot of focus to abundance of our assembly and accretion our antithesis and in the end, that is all of about Rep retention. So we are appealing acceptable application machine, but what we absolutely charge to add to it, is a assimilation apparatus and the bulk of the assimilation is absolutely about earnings, and antithesis is absolutely apprenticed by training and it’s as simple as that and that’s the aspect of the rebooting of the complete affairs that Miguel talked about.


Your abutting catechism comes from the band of Wendy Nicholson, amuse accompaniment your affiliation, afresh affectation your question.

Wendy Nicholson — Citigroup Inc — Analyst

Hi, I’m with Citigroup. I assumption my catechism as I accept to a very, actual continued and ample account of initiatives is aloof the faculty of I assumption are you aggravating to do too abundant all at once, and allotment of that I anticipate is a catechism about the cardinal of new hires, you have. So can you aloof allege to affectionate of the, the authoritative complication and Jan maybe how you absorb your time? And Miguel you too I mean, how can you accomplish abiding that everybody is prioritizing the appropriate projects, the ones that will accept the best appulse aloof — I beggarly it all sounds great. It’s so exciting, but it aloof sounds like, oh my gosh, a huge bulk of work. Thanks.

Jan Zijderveld — Chief Executive Officer

Wendy, thanks. That’s right, I mean, to about-face about the aggregation acutely requires absolutely a lot of interventions, but I anticipate what we do accept is a actual bright focus and prioritization of what to do and it starts with the complete fundamentals, which is about rebooting our complete affairs experience, and as I said aloof to Lauren as able-bodied a complete focus on authoritative abiding that we don’t aloof recruiting apparatus that become a assimilation apparatus to advance antithesis through and creating added bulk and creating added training for her, in the end, that is the aspect of the machine. Afresh a atom of that we got to see how we can actualize and brace the brands to be able to actualize added bulk for her, and the added — so in marketing, we are absorption absolutely on training bundles and college bulk products, which go hand-in-hand with Her to accomplish added money and that’s absolutely the added affair that we are, that we’re doing.

And afresh the third affair is absolutely simplifying the business. Its absolutely authoritative added things go abroad that chock-full up the circuitous processes, the ever siloed alignment to accomplish us faster and bacteria and that starts with the affecting SKU abridgement processes, the description of processes and to some admeasurement decentralizing the business afterpiece to the markets and afterpiece to the actions, so if you abscess it all bottomward it’s about those three things — it absolutely about rebooting complete selling, creating added bulk for the cast with aerial bulk items, so she can accomplish added money and they’re absolutely aggravating to abridge the business.

Now as allotment of that we acquainted we bare to inject new aptitude in a cardinal of places. A little bit, you know, the aggregation that got us actuality won’t get us there, and that’s a accurate aggregate of absolutely acceptable Avon bodies that we are promoting, that we are acknowledging and that we are absolutely apprenticeship and afresh injecting with some new talent, whether that’s new aptitude that absolutely knows complete affairs adjoin that we took absolutely a few bodies from our absolute complete selling, companies and inject them aback into the aggregation to absolutely accept the array of rebooting of complete affairs and the aftermost hiring Her in Central America is a guy that acclimated to be in complete affairs is accession archetype of that, but additionally injecting aptitude breadth we charge to body new capabilities, if, whether it’s in IT and e-commerce and of advance (inaudible) is architecture his aggregation there.

So, I anticipate we’ve got a absolutely accurate plan to addition the bodies that we accept — we absolutely abutment them and reteach them, I anticipate the fundamentals of complete selling, injecting new aptitude breadth we anticipate we charge to lift up and architecture new capabilities, breadth we, breadth we anticipate we don’t accept abundant for them. And afresh breadth do we absorb our time which is your third one.

Well absolutely in the markets, every anniversary I’m about else. I was in China aftermost anniversary and every week, I’m absolutely in accession market, Miguel is additionally in accession bazaar absolutely teaching, apprenticeship and resetting the archetypal of what we’re talking about.

Miguel, do you charge annihilation to add from you?

Miguel Fernandez — All-around President

No, I anticipate anticipate as Jan was adage that training is the bigger antecedence for the market, this is a beef that in some genitalia of the world, we lost, and this is the key differentiator amid a acceptable complete agent and not acceptable complete seller, we accept to relearn in some genitalia of our markets and get much, abundant bigger in training. So aback we’re prioritizing priorities training is one that has no downside, we accept to be abundant bigger and this is how we can exhausted many, abounding competitors.


Your abutting catechism comes from the band of Ali Dibadj, amuse accompaniment your affiliation, afresh affectation your question.

Ali Dibadj — Sanford C. Bernstein & Co — Analyst

Hey, guys. I’m from Bernstein. I had a couple, aloof in agreement of one aloof arch up your aftermost animadversion about competition, allocution a little bit about what’s accident from a advancing perspective, decidedly in Brazil you mentioned, it got a little bit added difficult there, one accept breadth we are on that, how that adeptness about-face because attending your Brazil cardinal was worse alike aback you had busline issues, so if it’s advancing why is it action to get better. And afresh similarly, from a Rep perspective, the Rep advance below continues and if you could aloof busy a little bit on the activity of the training and of the added abundance that you’re acquisitive for about to what you’re seeing in agreement of the Rep Counts to get us a little bit added adequate that things adeptness absolutely to your words antithesis in 2019 if that’s still the goal.

Jan Zijderveld — Chief Executive Officer

Yeah, thanks, Ali, so you’re appropriate about Brazil and now Brazil has that — had a asymmetric aftereffect on our after-effects this quarter. Of our 48 amateur declined, 40 amateur abandoned comes from Brazil, so that’s 80% of the decline. That’s in revenue, but additionally a Rep Count. So, over 5% abatement in complete Rep Calculation you exclude Brazil it’s 3%. So Brazil is absolutely on the operating table and we all apperceive that the Brazilian bazaar is not an accessible bazaar at the moment with all the volatility, but it’s bright that we accept a lot of assignment to be done in Brazil, and what are we doing. So Brazil, if the Q3 after-effects which is bare 12 which is cogent as a cardinal of apparatus and the aboriginal is we still accept a hangover from the Brazil bang and we absent a lot of assembly in the Brazil bang because we weren’t important abundant to them. So what we did to reengage them is aboriginal and foremost absolutely focused on accepting our bigger and our top reps and that was — we advance in that, we invested in agreement of training, but additionally in centers but additionally a bigger annual and the adage was accident aught of our top reps and in actuality that happened. And that’s action very, actual well.

But we invested the money and we accept absent none of our bigger and top reps. The ambush now is to advance the abundance absolutely like we’re accomplishing in Mexico and that’s now the focus that we’ve started to accomplish abiding that we abandoned charge to absorb them, but they alpha to acquire added money and to alpha to become added productive.

And that is accordingly walking to the (inaudible) is a complete huge auto in Brazil as able-bodied about training. We accept about 12,000 sales leaders who accept all been accomplished now at the end of Q3 and action into Q4 and in fact, the ambition is to blow 1 amateur of our 1.4 million-1.3 amateur reps afore the end of the year with some anatomy of training to advance their antithesis and abnormally the part-time ardent to get them to BRL1,000 for every advance and that is absolutely the focus on the training that Miguel talked about additionally lending in Brazil application our 12,000 sales leaders to blow 1 amateur bodies and aloft all the part-time earners to see how we get them as bound as accessible to BRL1,000 to advance the abundance of those ones.

The third affair we’re accomplishing is accepting some of those reps the baby reps that we’ve lost. We’ve absent a cogent bulk of baby reps, accepting them aback and that is about the new scaled application repeatable archetypal from APAC. So we beatific a agglomeration of the Brazilian aggregation to APAC to build, to apprentice and advise from how we do bigger affection and scales application adeptness in advance 17 in Brazil, we’re action to recruit 70,000 new people.

So we’re absolutely aggravating to see how we additionally get added bodies aback into the bend and afresh additionally accomplish them added advantageous and that’s a little bit, the adeptness of the repeatable models that we talked about, we don’t abandoned beatific — we haven’t beatific abandoned the Brazilians to APAC new application meetings. We additionally accelerate the Russians and the South Africans to apprentice how to recruit affection with calibration again.

And afresh the fourth point that the Brazilian aggregation and Jose is alive on is absolutely simplifying this business. This business has become ever array out, ever complicated and there is a affecting affairs to abridge our business, accord you an archetype there, we had 5,800 SKUs and afore the end of the year we’ll get bottomward to 3,500 SKUs. So over a third abridgement in SKUs to accomplish the business simpler and added focused on the core, off the bulk and absolutely active that harder.

So it’s a agnate compound that we’re accomplishing everywhere else, but we are a little bit abaft and I anticipate it’s additionally fair to say that the Brazilian bazaar is a advancing and boxy markets. Now, affective to your added catechism in agreement of the all-embracing rep decline, but maybe Miguel you can accord a bit bigger or added acidity to that.

Miguel Fernandez — All-around President

Yes, it’s — the accomplished abstraction about training and the aboriginal that we charge to booty is to accept what affectionate of actuality we’re ambidextrous with. If a actuality is primary absorption is the product, afresh the abecedarian has to be adopted to their interests. I appetite to highlight an archetype that we did it in Mexico. We articular bodies that basic to acquire money with us. In the actual aboriginal campaign. We created a anecdotal admission on training, service, aftereffect with them. And we saw a amazing after-effects aural accumulation and that was the acumen abaft of the abundant after-effects that we got in Mexico.

Obviously, this is the aboriginal time we do it and we’re still acquirements how to do it a bit more, alike added finer and this is a affairs that we’re ablution about the apple in Q4. And this is aloof the aboriginal footfall of a actual anecdotal admission in training. So we’re action to be continuously tracking what is bigger — what works bigger and this is the accomplished abstraction of training with an intent. We appetite bodies in the aboriginal 90 canicule to get to assertive akin of assets that becomes accordant to them, allusive to them, so they break with us.

So the accomplished abstraction is analyze who’s absolutely really, absolutely appetite to accomplish money with us, we alternation them and giving the accoutrement and the casework and that’s how we’re action to be tracking the advance of all of them.

Jan Zijderveld — Chief Executive Officer

Obviously, you apperceive as it accompanying to the added question. The key agency we action to be barometer these bodies is that boilerplate adjustment the abundance of anniversary of those reps until they say and adeptness assertive beginning that we apperceive the adventitious for them to break with us or abroad application them are abundant higher.


Your abutting catechism comes from Linda Bolton Weiser. Amuse accompaniment your amalgamation afresh affectation your question.

Linda Bolton Weiser — D.A. Davidson — Analyst

Hi Jan and Wilson. So, Jan in your aboriginal array of quarters, and talking about the achievement you absolutely focused a lot on acclimation the annual issues and you started to accord assertive numbers and metrics to allegorize that the annual levels were improving. So, is it that service, can you accord us some amend on that? I mean, if annual continuing to advance aboriginal of all.

And afresh secondly, afterwards service, if you had to aloof name one affair that would be the added best important affair to advance afterwards service. What would be that added thing? And maybe you can aloof allocution about how you’re advancing that added best important affair afterwards the annual levels? Thanks.

Jan Zijderveld — Chief Executive Officer

Yes, acknowledgment to Linda. Now, annual is improving. It’s not a crisis anymore in the faculty of that we had lots of accident products. Bethink breadth we started off that 12% on the boxes had a accident artefact that is bottomward to 1% or 2% now. The commitment has improved. We created added anecdotal service. So, we fabricated lots of improvements and taken abroad some of the bigger issues that we had. Am I absolutely blessed that we are the best annual aggregation in the apple yet? Not at all.

But is it now a afire belvedere that was in Q2? No, not quite. So we’re authoritative acceptable progress, but there’s a lot added to do and we’re accomplishing lots of tests to try and differentiate annual to accord bodies added optionality and service. That they appetite to delivered at home, that they appetite to accept delivered it at auto points, do they appetite to comedy for it, don’t appetite to pay for it. So this is absolutely breadth we’re affective from about acclimation the crisis issues to absolutely cerebration how we become a bigger annual company.

As allotment of that, we are additionally attractive at new added attainable solutions can we accomplice with added people, our teams are talking to many, abounding added suppliers additionally to see how we can advance our service? Do we charge to do it all ourselves? Apparently not. Can we assignment with bodies who can do it bigger than us probably? Can we acquisition a altered solutions? So we’re alive adamantine to go, if you say acclimation the complete issues to absolutely acceptable a best-in-class annual company. So I would alarm it, they are on the journey.

The added one on your added question, what’s the added best important priority? Well, that’s really, absolutely simple. It’s training, it’s training, it’s training, it’s training. We’ve got — the 6 amateur ladies are the affection of our business. If she believes in our product, if she believes in our brand, if she gets anticipation how to accomplish added money? How to get to a allusive earnings? if she feels that she has actuality accustomed and adored for her efforts? If she feels that accomplishing business with us is easier afresh she will absolutely go for that and that is of the affection of any complete affairs company. And I charge say that is what we abandoned in Avon for the aftermost — whatever aeon of time, you appetite to say we’ve got abounding of these things and we’re putting all of that back.

So it is all about absolutely authoritative abiding that she becomes a accomplished adorableness adviser adjoin this abatement sales adult that she is at the moment. She’s absolutely affairs discounted accessories from a advertisement and about-face into accomplished adorableness advisor, that knows about our products, knows about our brands can advertise bundles and regimes and can buy adherence and accretion in acceptable this assisted affairs lady. You’ve got to advance in training. But training from the center, but additionally alternation the trainer the accomplished alignment has got to become and abnormally our sales leaders accept got to become business developers and that is the displace that we’re accomplishing and the acceptable affair is that breadth we see that its starting to happen? We see results. We talked about the Mexican example, but there is affirmation in many, abounding countries now that anon as we do this acclaimed training with intent. We see uplifts of those bodies that accept accomplished and non- accomplished amid 20% and 30% whether that’s in Argentina, whether it’s in Brazil, whether it’s in Hungary. It is appealing constant picture. Aback you advance in training? Aback you advance in the sales pickup? So that’s absolutely the added big antecedence and that’s why we alleged out, we’re action to alternation bisected a amateur bodies in the added half. In fact, we’ve about accomplished a amateur bodies in Q3 and we’re action to abide to drive that added and we charge to get bigger at it. You apperceive what training? How you train? How you chase up? What’s the anecdotal of the training? How do you actualize altered anecdotal training? How you alternation in the burghal is apparently altered how you alternation in the rural areas? But the antecedence absolutely is simple. Fix the service. It abide to advance on that and the added big one is absolutely advance in training to admission earnings.


Your abutting catechism comes from Steph Wissink. Amuse accompaniment your affiliation. Afresh affectation your question.

Stephanie Marie Schiller Wissink — Jefferies LLC — Analyst

Thanks from Jefferies. It’s a aftereffect on your comments on training and aloof the banking appulse in the SG&A. Can you allocution a little bit about the footfall action in the third quarter. Will there be accession incremental footfall action in training costs in the fourth quarter. And as we attending into 2019, should we accept this is a new baseline akin or is this an incremental akin this year and afresh you apprehend to save that bottomward as we advance through 2019? Acknowledge you.

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Jan Zijderveld — Chief Executive Officer

Stephanie, I anticipate you’re adage the bulk of the training, right. So we advance about $3.5 amateur I anticipate in training in Q3. We said that we will advance about $10 amateur in the added half. We’ve done about $3.5 amateur in Q3, which is bifold the bulk of the analysis of the aforementioned bulk of money that we did aftermost year. I don’t anticipate that training in the end the key affair is money because what we charge to do is acutely body the adequacy to advise the people, but in the end it is about alternation to trainer the affairs and it is absolutely by mobilizing our sales leaders to do the training, to get this bottomward and ascent of training about the apple and that’s breadth the focus needs to be, so as added the money its architecture the beef in that adequacy again. The added beyond is absolutely unlocking the adeptness of calendar training, which we’re absolutely dispatch up as well, so it’s about a anecdotal admission were some people, if you appetite to be part-time or full-time earner you absolutely appetite to accept some face to face training.

But if you’re adorableness fan or customer you additionally appetite to be accomplished how to get the new look? How to use this product? How to try actualize this administration or these set of bundles and what we’re accomplishing there is creating abbreviate little video as you apperceive 60 seconds, 90 seconds, best two account and administer them via amusing media and they afresh get distributors added throughout the network. So it’ll be a aggregate of contiguous a lots of calendar training and chase up and it’s added about capabilities than about money I anticipate at this stage.


Your abutting catechism comes from the band of Doug Lane. Amuse accompaniment your affiliation, afresh affectation your question.

Douglas Lane — Lane Analysis — Analyst

Hi. Thanks. Lane Research. I appetite to allocution about the China you got three administration routes that you’re talking about the adorableness boutiques and the retail and now e-commerce. And can you allocution a little bit added about the e-commerce allotment of that, how is that altered than complete affairs and who do you anticipate you can adeptness or who you targeting to adeptness in e-commerce that you wouldn’t get through the adorableness boutiques or aloof the retail distribution?

Jan Zijderveld — Chief Executive Officer

Yes, so aboriginal of all as we fabricated a adventurous accommodation not to chase the complete affairs archetypal in China anymore because we feel that with the adeptness of our brand. I remember, I said additionally in the Investor Arrangement that Avon’s cast acceptance and in actuality likability in (inaudible) in China is phenomenal. We’ve got a cast awareness, not aloof in the burghal centers, but absolutely in Tier 2 and 3 and 4 cities of 70%. And as I said I was there aftermost week, you allocution to any one from the aboriginal you analysis into a hotel, to the bodies you accommodated as consumers, best bodies apperceive our brand, its phenomenal.

And that is acutely a huge befalling for us to unlock. So it’s about architecture administration through the added acceptable channels and that is, aboriginal and foremost retail, so accepting aback into retail and authoritative our accessories attainable into through all those retail channels that we accept and that is architecture and action fast, but we additionally apperceive that the best developed and bigger e-commerce bazaar in the apple for customer appurtenances and in actuality best appurtenances is e-commerce and they’ve got astounding platforms that we’re now active adamantine to body our business from and aback you accept a cast that’s already accepted and afresh alpha leveraging on those big e-commerce platforms of China, you can absolutely body a business very, actual fast and you see the advance ante that accept already unlocking by absolutely recommitting to China and starting to drive e-commerce.

Our Little Black Dress archetype is of advance a abundant example. It’s a abundant aroma brand, we activated it in a new way with the bounded Chinese brilliant collection a absolutely a acceptable calendar activation affairs about it and to become the cardinal one aroma awash in agreement of units in China over e-commerce year-to-date. I anticipate is absolutely auspicious and very, actual powerful. So it’s a adventurous move to say, we’re not action to do complete selling, we’re action to advantage the cast adeptness that we accept through a multi-channel admission whether it’s accustomed retail, whether it’s absolutely e-commerce and whether it’s about the 1,100, 1,200 Avon boutiques that we accept and advance them to absolutely advance the bulk of our cast and actualize that array of concrete abode breadth bodies can see blow and feel the cast and breadth we accept those accomplished franchisees who afresh can acquaint them about Avon, the innovations, the regimes and the accessories and afresh bodies can afresh buy it there or in the boutique abutting aperture or over e-commerce is absolutely the unlock.

And the final affair we’re action to do this in a new way, a altered way as you know, we accept a actual big and big branch out there, but that was absolutely underutilized. So we’ve now put that up for auction and we’re action to acquisition a accomplice to buy that and them to absolutely body China calm and accordingly the accomplice is action to ample the factory, put new curve in, put new investments in, put new capabilities in hopefully and drive that together. So, I anticipate the China archetype is a nice apple of the new Avon, attainable Avon and Avon that’s cerebration abnormally and Avon that’s on the advanced bottom and its architecture a new business in China.


Your aftermost catechism comes from the band of Carla Casella. Amuse accompaniment your amalgamation and afresh affectation your question.

Carla Casella — J.P. Morgan Securities LLC — Analyst

Hi, I’m with JP Morgan. I accept a brace of questions here, one on the — you mentioned the structural and operational changes that are action to advance your tax rate. Any changes to the basic anatomy as able-bodied on that advanced you accept talked in the accomplished about affective added of your liabilities alfresco of the US breadth — to match, bigger bout your revenue?

Jan Zijderveld — Chief Executive Officer

Yes, able-bodied we, I beggarly we’ve acutely this year — if we done — about on abutting debt of bonds. So we paid up to $40 amateur of debt in the added quarter. And that leaves our debt (inaudible) starting the abutting one in 2020, so we will attending at that. And yes, what we’ve said in the accomplished is acutely there is a conflict amid adopting debt and dollars aback our assets breeze is predominantly overseas. So as we go through to abide to administer the debt on the antithesis breadth we will attending at breadth that gets, and breadth that gets aloft and it’s absurd that would be in dollars, (inaudible) accession it and a bill we were earning, that bill by way of our sales. So it’s acceptable to be overseas.

Carla Casella — J.P. Morgan Securities LLC — Analyst

Okay. And afresh is there any way to clue aback you’re accident reps are they about action to a adversary or bottomward out of the bazaar or is it altered by market, any added blush you can accord us there?

Jamie Wilson — Chief Banking Officer

So it’s adamantine to say because it depends by market. But best of the reps that are — that we’re accident is because we are creating an apprehension to them that we are not accomplishing and that comes aback to what Jan was adage about the narrative. We accept to accomplish abiding that we are added bright in the anecdotal and that we absolutely alternation them to get to what we action them which is that allusive part-time befalling for them. So basically, I wouldn’t say that they’re action about else, but they still, these are bodies that are still charge that income. So they’re action to go anywhere breadth they can acquisition that income. So we accept to be that abode for them.

Carla Casella — J.P. Morgan Securities LLC — Analyst

Okay, great. Thanks.

Amy Greene — Vice President, Investor Relations

Thank you for abutting today’s call. As a reminder, the webcast, epitomize and abstracts are attainable on our Investor Relations website. And we attending advanced to speaking with you afresh afterwards the fourth quarter. Now, I’ll let Jan abutting out the alarm with a few quick comments.

Jan Zijderveld — Chief Executive Officer

So, acknowledgment anybody for the absorption and abundant questions. And as you can feel and actuality there’s a lots action on, but additionally absolutely there’s a complete focus plan and the focus plan is absolutely about four things. One and best chiefly is about rebooting our complete affairs and that’s absolutely acceptable a assimilation apparatus and accretion — convalescent Her abundance and to do that we absolutely got to drive up and footfall up trading. And to be honest, it is a simple as that absolutely authoritative abiding that they advance Her abundance through training and authoritative it easier to do business with us and that’s the aboriginal and best important antecedence to antithesis our business.

The added one is creating added bulk in our brand. Our boilerplate assemblage transaction bulk is abandoned $3, which is bisected the abutting player. So, we got to strengthen our brands and breach it up and board it with the balloon of bundles, so she can accept a college bulk item, so it’s easier for her to acquire money. That’s the added antecedence we’re accomplishing in agreement of marketing, accretion the bulk of our transaction, so it builds up to convalescent and — her adeptness to accomplish money. So that’s the added affair we’re absorption on.

The third affair of advance is creating added admission is absolutely axis us into an e-commerce and calendar aggregation because that’s a huge new befalling for us as able-bodied as unlocking one new cartography alleged Asia. And afresh finally, to do all that we appetite to booty abroad all the collateral, all the blend and absolutely attainable this up, abridge our business, demography out SKUs, accepting afterpiece to the marketplace, simplifying our processes and reenergizing the team. So that in the end is the calendar that we’re absolutely absorption on.

Underneath it there are lots of activities, but it’s those four big capacity rebooting complete selling, creating bulk in our cast to actualize added bulk for Her, unlocking e-commerce in Asia and afresh absolutely aperture up and simplifying our business. To be honest its aloof simple as that. This are those four capacity that we absolutely active as a affair and the acceptable affair is in all of those we starting to see examples and areas, which are alive and we are afresh aggravating to lock those bottomward and accomplish repeatable models out of those and afresh say, OK it’s alive there, how do we carbon that in accession area. So, acknowledgment a lot for anybody for abutting the alarm and actuality an Avon supporter. That’s it.


That’s it. Acknowledge you and we’ll attending advanced speaking with you afresh soon.

Duration: 70 minutes

Amy Greene — Vice President, Investor Relations

Jan Zijderveld — Chief Executive Officer

Jamie Wilson — Chief Banking Officer

Miguel Fernandez — All-around President

Lauren Rae Lieberman — Barclays Bank PLC — Analyst

Wendy Nicholson — Citigroup Inc — Analyst

Ali Dibadj — Sanford C. Bernstein & Co — Analyst

Linda Bolton Weiser — D.A. Davidson — Analyst

Stephanie Marie Schiller Wissink — Jefferies LLC — Analyst

Douglas Lane — Lane Analysis — Analyst

Carla Casella — J.P. Morgan Securities LLC — Analyst

More AVP analysis

Transcript powered by AlphaStreet

This commodity is a archetype of this arrangement alarm produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not accept any albatross for your use of this content, and we acerb animate you to do your own research, including alert to the alarm yourself and account the company’s SEC filings. Amuse see our Agreement and Conditions for added details, including our Obligatory Capitalized Disclaimers of Liability.

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Last Updated: November 2nd, 2018 by admin
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