Coty Quarterly Sales Drop 56%

Coty Inc., the cosmetic company, had its net revenue fall to $922.1 million, missing expectations of $1.34 billion. On Thursday Coty posted a bigger than expected quarterly loss and a 56 percent slump in sales, as the coronavirus-induced closure of stores and parlours hammered demand for its beauty products.

Shares of Coty, a majority of which is owned by German conglomerate JAB Holding Co., were down 4 percent in premarket trade. Cosmetics makers are battling the closure of other channels of sales, including duty free shops at airports, and also contending with work-from-home customers focusing on hygiene and personal care products rather than makeup items.

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