Coty: quarterly performance below expectations

(CercleFinance.com) - On Monday evening, Coty reported preliminary quarterly results that fell short of analysts' expectations, a performance that caused the company to lose more than 11% on Wall Street today.


Yesterday, the American beauty products group said it expected sales to rise by 4% to 5% on a like-for-like basis in its first fiscal quarter to the end of September, rather than the 6% growth it had anticipated at the start of the quarter.

Due in particular to the loss of the Lacoste license, its adjusted Ebitda should be broadly unchanged, or even slightly down year-on-year, over the past quarter.

Citing cautious retailers and the slowdown in the US market, Coty says it expects only "moderate" sales growth in the current fiscal second quarter.

The New York-based company nevertheless reiterated its annual targets, expecting sales growth to accelerate in the second half of the year.

The share, also listed in Paris, nevertheless fell by more than 11% on Tuesday in the wake of these announcements.

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