COTY

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

Credit: REUTERS/BRENDAN MCDERMID

Aug 27 (Reuters) - Coty Inc COTY.N reported a 56% 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 $772.8 million, or $1.01 per share, in the fourth quarter ended June 30, from about $2.8 billion, or $3.72 per share, last year.

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

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

((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646 223 8780 (Extn. 3478), outside U.S. +91 80 6182 3478;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.