Trade: Avon profit drops
Updated: 2006-08-01 14:48
Avon Products Inc, the world's biggest direct seller of beauty products, said
yesterday that its second-quarter profit dropped 54 percent, mostly due to
charges from a restructuring program aimed at reviving lackluster sales. The New
York-based company said that for the three months ended on June 30 it earned
US$150.9 million, or 33 cents per share, compared with US$328.6 million, or 69
US cents per share, in the year-ago period. (Shanghai Daily)
The world's third-largest retailer, Germany's Metro Co, opened its first
store in Beijing on Friday. The Wanquanhe outlet, located in the Haidian
district, covers an area of 10,000 square metres and offers more than 22,000
items for professional customers such as hotels, restaurants and government
organizations. The German retailer plans to open four stores in Beijing before
2008 and establish six to 10 stores annually in China. (China
Daily)
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