Coty's quarterly sales slump 56per cent as virus-wary shoppers stay home

Coty's quarterly sales slump 56per cent as virus-wary shoppers stay home

Coty Inc reported a 56per cent drop in quarterly sales on Thursday, as demand for its beauty products took a hit from closures of stores and parlors during coronavirus lockdowns.

FILE PHOTO: A trader works at the trading post that trades Coty Inc. on the floor of the New York S
FILE PHOTO: A trader works at the trading post that trades Coty Inc. on the floor of the New York Stock Exchange, June 13, 2013. REUTERS/Brendan McDermid/File Photo

REUTERS: Coty Inc reported a 56per cent drop in quarterly sales on Thursday, as demand for its beauty products took a hit from closures of stores and parlors during coronavirus lockdowns.

Net loss attributable to Coty narrowed to US$772.8 million, or US$1.01 per share, in the fourth quarter ended June 30, from about US$2.8 billion, or US$3.72 per share, last year.

Net revenue fell on a reported basis to US$922.1 million.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila and Sherry Jacob-Phillips)

Source: Reuters

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