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Bloomberg
Cosmetics maker Coty Inc reported worse-than-expected results in its fourth quarter, posting a $1.2 billion drop in sales year on year as consumers stuck at home during the pandemic skipped beauty-product purchases.
Sales of $922.1 million in the company’s fiscal fourth quarter were down 56% year on year and worse than analysts’ estimate of $1.34 billion.
After a brutal spring and summer with many on lockdown around the US and world, the owner of Max
Factor and Covergirl says things are starting to turn around, albeit slowly.
The company saw sales get gradually better from April through June, with “significant improvements†in July and August, it said. Coty expects to return to profitability in the current fiscal quarter — but only when it comes to adjusted operating income for continuing operations.
Outgoing Chief Executive
Office Peter Harf, who hands the reins to Sue Nabi in September, said he worked during the last three months to “re-steer the company back on track,†including cleaning up the capital structure, financial under-performance, the product portfolio and management.