Shares of Avon Products Inc (NYSE:AVP) are trading around an 18-year low as the last remaining investors appear to be running to the exits following a surprise quarterly loss and the sudden departure of CEO Sheri McCoy.
Avon posted a net loss of $45.5 million, or 12 cents a share, on revenue of $1.40 billion. In the second quarter of 2016, the company profited $33 million, or 6 cents a share on $1.43 billion in revenue.
On an adjusted basis, the latest quarterly EPS was 3 cents, below the FactSet consensus for EPS of 7 cents. Analysts were expecting revenue of $1.44 billion.
Separately, the company announced that Ms. McCoy would step down after holding the role for 5 years. Her resignation is effective as of March 31, 2018. Ms. McCoy has been under pressure to resign from activist investor Barington Capital, while she repetitively ignored their calls for her resignation, she has finally given in, using the latest earnings miss as a reason to depart.