The Body Shop has recorded an uplift in its third-quarter sales as parent company Natura&Co’s acquisition of Avon won shareholder approval.

Brazilian beauty titan Natura&Co recorded a 17.4% decline in EBTIDA to R$398.9M (£74.2m) in its third quarter, which it attributed to “a planned increase in strategic investments to strengthen our fundamentals” alongside costs related to its acquisition of Avon.

Subsidiary The Body Shop posted an 18.7% uplift in EBITDA during the period to R$62.6m (£11.6m), boosted by a 1.1% rise in net revenue to R$935.7m (£173.9m). Excluding the impact of disruption in Hong Kong, net revenue rose 6.4% on a constant currency basis, while UK like for likes climbed 3.1%.

Natura&Co executive chair Roberto Marques said: “Natura&Co posted a remarkable sales performance in the third quarter, exceeding market expectations, with double-digit growth in constant currency.

”All our businesses and brands again contributed to growth despite headwinds in such markets as Brazil, where Natura continued to grow market share, and Hong Kong, which impacted The Body Shop and Aesop. Profitability notably reflected two effects that will contribute to strengthening our multi-brand group: A planned, phased increase in investments at Natura in its brand and digital operations to support its future growth, and non-recurring costs associated with the acquisition of Avon.”

The retail group is set to complete its acquisition of Avon in the first quarter of its 2020 financial year.