Coty’s warning on slowing sales takes shine off maiden results

City A.M. Reporter
COTY, the American cosmetics firm that floated in June, said revenue was likely to decline marginally this quarter as growth slows in the United States and Europe.

The warning took some of the lustre off stronger-than-expected results in the firm’s first report as a public company.

Coty, which listed after failing to take over Avon last year, said profits were helped by strong sales of branded perfumes such as Marc Jacobs and Chloe in Asia.

The New York-listed company’s net loss narrowed to $62.3m in the three months to the end of June, from $357.3m a year earlier. Revenue rose 3.9 per cent to $1.06bn, topping Wall Street estimates.