One of the most prominent beauty companies in the world posted fiscal third-quarter figures that came in line with expectations
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
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.