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Summary Box: Avon 1Q results slide 82 percent

The Associated Press

THE NEWS: Avon Products said Tuesday its first-quarter net income fell 82 percent on higher costs for restructuring, labor and commodities like packaging and fuel. Results missed expectations.

THE CONTEXT: The beauty products direct seller has a new CEO, former Johnson & Johnson executive Sherilyn S. McCoy, after years of lackluster results. She replaced Andrea Jung, who remains chairman. The company is also reviewing its operations and cut 100 jobs in its corporate office in a restructuring.

WHAT'S NEXT: Avon's review of its operations is ongoing and likely to result in more job cuts.