Nov 5, 2015
Coty sales miss estimates as demand for perfumes fall
Nov 5, 2015
The company's sales from perfumes fell 8 percent, while those from skin & body care fell 1 percent in the first quarter, on a comparable basis, which excludes items such as foreign exchange fluctuations and acquisitions.
As its perfumes lose appeal, Coty has been expanding its presence in make-up and skin care, which are a big draw for younger consumers.
The company said in July it would buy 43 brands from Procter & Gamble Co for $12.5 billion, a deal, when completed, would make it the world's No. 3 make-up maker behind L'Oreal SA and Estee Lauder Cos Inc.
Net income attributable to Coty rose to $125.7 million, or 34 cents per share, in the three months ended Sept. 30, from $10.6 million, or 3 cents per share, a year earlier.
Excluding items, the company earned 59 cents per share.
Net revenue on a comparable basis fell 2 percent to $1.11 billion. On a reported basis, they fell 8 percent.
Analysts on average were expecting revenue of $1.13 billion, according to Thomson Reuters I/B/E/S.
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