Avon’s turnaround is taking longer than expected, and CEO Sheri McCoy told analysts Thursday that it is looking “increasingly less likely” that the company will hit its revenue growth goals in 2015.

While in the third quarter Avon posted net income of $92 million versus a loss of $5.8 million a year ago, overall sales fell 8% to $2.1 billion compared to $2.3 billion. In constant dollars, sales increased 1%. Total units sold decreased 4% and representative count also fell 4%.

For the first nine months, Avon’s sales are down to $6.5 billion from $7.28 billion in 2013. Sheri said the company would review its plan of reaching mid-single digit revenue growth and low double digit operating margin in 2015 at yearend. Sheri said the second half of the year is expected to show “modest” improvement over the first half, “but below where we would like to see it.”

North America continues to be a trouble spot with revenue in the quarter shrinking 16% to $276.7 million, as active representatives declined 18%. Meanwhile, stumbling in Brazil and Mexico, two of Avon’s key markets, caused a 12% revenue decline for Latin America, Avon’s largest and most profitable region.

Analysts expressed concern that much of the quarter’s earnings were derived from one-time gains and that not enough is being invested to grow the business. Sheri dispelled those notions saying there will be benefits from ongoing efficiency efforts and strategic growth plans are underway. She also calmed fears of business disruption from the departure of its CFO Kimberly Ross in early October. A search has started and Avon’s corporate controller Robert Loughran is serving as acting CFO.

Asia-Pacific strengthened with sales up 4% to $174.3 million thanks to gains in the Philippines and China. In its Europe, Middle East and Africa region sales were flat, although Russia, the U.K. and South Africa all grew.

In the U.S., efforts to recruit and retain representatives continue and the introduction of ANEW Vitale skin care is hoped will enliven skin care sales. Avon also relaunched Avon.com to better engage consumers and help representatives. The U.S. is “on track” for profitability in 2015 as it continues to reduce head count and improve supply chain efficiencies, said Sheri.

For Mexico, there is a newly installed general manager and also aggressive efforts to retain new representatives. If a rep stays for at least six campaigns, a long term commitment is more likely Avon has found.

A misstep in Brazil was the untimely introduction of the higher priced Luxe color line, for its economy has not bounced back following the World Cup. There is also increasing competition from other beauty players. Still, for the long term Brazil, where Avon is a leading color brand, remains “highly attractive,” said Sheri. To jumpstart sales, Avon is introducing new products, including those from its Coty and Korres alliances.

Avon’s stock slid into the $10 range, after trading between $11- $12 for most of October.