Coty Inc. shares COTY, -1.78% slid 6% in premarket trade Thursday, after the cosmetics company posted far weaker-than-expected earnings for its fiscal fourth quarter as the coronavirus pandemic crushed sales. The company said it had a net loss of $722.8 million, or $1.01 a share, in the quarter, narrower than the loss of $2.799 billion, or $3.72 a share, in the year-earlier period.
"Coty's fourth quarter was marked by external shocks, as the COVID-19 pandemic triggered a crisis in the real economy and supply," Chief Executive Peter Harf said in a statement."The severe sales contraction for total Coty, with revenues down $1.2 billion year-over-year, led to significant operating deleverage in the quarter, even as the company focused all its efforts on protecting free cash flow which came in inline with our expectations.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Fonte: MarketWatch - 🏆 3. / 97 Consulte Mais informação »