Coty revealed that its revenues came in 3.3% lower as the COVID-19 lockdowns impacted sales. Its revenue from continuing operations fell to $1.03 billion in Q3 from $1.06 billion previously reported. In its report, Coty included an operating loss of $1.4 million, which was significantly lower compared to last year’s figures of $299.5 million.
For the future, Coty expects to end the year with its net revenue to reach a high of $4.6 billion and increase commercial investments to support its strategic priorities and improve sell-out trends as the beauty market begins to recover.
After the news hit the wires, Coty stock price fell 4.1%.
Sources: reuters.com, seekingalpha.com