Avon Products has reported its fourth-quarter and full-year 2014 results. For the fourth quarter of 2014, total revenue of $2.3 billion decreased 12%, but increased 5% in constant dollars. Total units decreased 3%, and price/mix was up 8% during the quarter. Active Representatives2 were down 4%, while average order2 increased 9%.

Beauty sales declined 14%, but increased 5% in constant dollars. Fashion & Home sales declined 13%, but increased 1% in constant dollars.

For 2014, total revenue of $8.9 billion decreased 11%, or was relatively unchanged in constant dollars. Total units decreased 5%, and price/mix was up 5%. Active Representatives were down 5%, while average order increased 5%.

Beauty sales declined 12%, but were relatively unchanged in constant dollars. Fashion & Home sales declined 12%, or 2% in constant dollars.

Sheri McCoy, Chief Executive Officer of Avon Products, Inc., commented:

“While progress against our financial goals in 2014 was slower than I would have liked, I am pleased with the sequential improvements we made in several key markets and categories in the second half of the year. We have stronger management teams across our key markets and better discipline in executing consistently against Avon’s core processes.”

McCoy continued, “Going into 2015, we intend to build on that momentum. However, based on strengthening of the U.S. dollar, we expect the impact of foreign currency on our reported results to be significant. We are working to mitigate as much of the impact as possible. Avon has weathered emerging market cycles in the past and I’m confident we will do so again.”