Reported 1 day ago
Coty Inc. has revised its annual profit forecast downwards and reported an unexpected quarterly revenue decline due to reduced consumer demand for cosmetics amidst inflation concerns. This has particularly affected sales in Asian travel retail markets. The company's quarterly net revenue fell 3.34% to $1.67 billion, falling short of analyst expectations, while adjusted profit per share was also below forecasts. The CEO noted cautious consumer spending in the beauty market and ongoing adjustments in product sourcing and production.
Source: YAHOO