One of the world’s largest beauty companies reported a breakeven fiscal third quarter, its EPS matching analysts’ consensus
Coty’s
revenue also was in line with estimates, the company posting a 3.3% decrease
from last year’s figures - $1.03 billion.
The results were affected by the COVID-19-related
restrictions, as stores across the US and Asia, ad Europe offset cosmetics
demand. However, sales in the Asia
Pacific region rose nearly 28%, while in Europe fell 7.8%.
Despite this Q3’s setback, Coty expects its net revenues to
reach a high of $4.6 billion vs a consensus of $4.54 billion.
Following the news, Coty stock price fell nearly 5%. Since
the beginning of the year, its stock price added almost 50%.
Sources: investing.com, seekingalpha.com
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