Avon missed on its 4th quarter earnings. Analysts expected top line of $3.11B and the result was $3.04B. Actual EPS came in at 39c while the street expected to see 51c. The business took a hit from its declining door-to-door sales and the investigation around an internal bribery.Avon’s CFO Kimberly Ross announced in a conference call today that the company hired McKinsey to restructure the operations and will reduce its workforce immediately. Stock responded well and price bounced back 2% after this announcement. Avon is also in search for a new CEO to replace Andrea Jung, who became the role model of many women since she took her current position 13 years ago. Jung will remain as the Chairwoman of the company after the new CEO is on board.
