=Avon Products (AVP) reported earnings on Thur 4 May 2017 (b/o)

Avon Products misses by $0.08, reports revs in-line; guides FY17:

• Reports Q1 (Mar) loss of $0.07 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $0.01; revenues rose 2.0% year/year to $1.33 bln vs the $1.33 bln Capital IQ Consensus. 
• Active Representatives declined 3% with decreases in all segments except North Latin America, which was relatively unchanged. Average order increased 2% with growth in all segments except Europe, Middle East & Africa, which declined. Ending Representatives declined 1% primarily due to a decline in Asia Pacific. Gross margin and Adjusted gross margin both increased 90 basis points to 61.2%, primarily due to the favorable net impact of price/mix.
• For full-year 2017, including the impact of the first quarter, the Company expects constant-dollar revenue growth in the low single-digits (as reported consensus +1.4%), Adjusted operating margin expansion of 100 to 140 bps over the prior year and free cash flow to be slightly positive including the expected $65 million in increased capital expenditures.