Weaker-than-expected earnings for Coty

12:33, 27 August 2020

Coty has hope for the future

Coty– the American multinational beauty company, released its quarterly earnings report earlier today. The company that purchased a minority stake in #KKW Beauty disappointed Wall Street after posting weaker-than-expected figures.

Coty showcased a net loss of $722.8 million, or $1.01 per share. Compared to last year’s figures, it is an improvement - $2.799 billion, or $3.72 per share.

Its revenue fell to $560.4 million from the $1.506 billion reported during the same quarter last year. Analysts were expecting $1.320 billion worth of revenue.

The company stated that there is room for improvement, as Wella is to be sold by the end of 2020, plus it is looking to cut $200 million in costs.

After the report, Coty share price slipped 6%. Year to date, it lost 66%, while USA500 added 7.7%.

Read more about the deal between Coty and Kim #Kardashian-West here!

Sources: marketwatch.com, finance.yahoo.com

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