Avon Products Inc. said Thursday it had a net loss of $20.3 million, or 6 cents a share, in the first quarter, narrower than the loss of $36.5 million, or 10 cents a share, posted in the year-earlier period. The direct seller of cosmetics said its adjusted per-share loss came to 2 cents, matching the FactSet consensus. Revenue rose 5% to $1.4 billion, also matching the FactSet consensus. Chief Executive Jan Zijderveld said the results were "unsatisfactory and do not represent the underlying potential of the business." The company is "moving with deliberate urgency to design our turnaround plan," said the executive. The number of active representatives fell 4% in the quarter, mostly due to declines in Brazil. Gross margin fell 280 basis points to 58.4%, including a 310 basis point decline caused by the adoption of new revenue recognition standards. Shares were not yet active premarket, but have fallen 46% in the last 12 months, while the S&P 500 has gained 10%.