Avon Products has reported its third-quarter 2013 results – and its total revenue of $2.3 billion decreased 7%, or 1% in constant dollars.

As a result, Avon Products Inc.’s shares declined more than 23 percent.

For the Third Quarter, beauty sales declined 9%, or 2% in constant dollars. Fashion & Home sales declined 7%, or 2% in constant dollars.Third-quarter 2013 gross margin was 62.5%.

Operating profit was $68 million; adjusted operating profit was $125 million. Operating margin was 2.9% , down from 4.4% in the third-quarter 2012.

Adjusted operating margin was 5.4%, down from 6.2% in the Third-Quarter 2012.

Sheri McCoy, CEO, Avon Products, commented:

“The third quarter was tough. Our quarterly performance was negatively impacted by macroeconomic headwinds and continued weakness in some parts of our business, particularly North America…However, overall, Avon is headed in the right direction, parts of our business are stabilizing, and we are making progress toward our three-year financial goals.”