Coty Sales Slump 60% as a New CEO Prepares to Take Over
Coty (NYSE: COTY) took a huge hit from to the COVID-19 pandemic in its most recent quarter, but management says it is ready to move on. The makeup giant said on Thursday that organic sales fell 60% in the fiscal fourth quarter, covering April through June, as retailing was stopped by stay-at-home orders.
"Coty's fourth quarter was marked by external shocks as the COVID-19 pandemic triggered a crisis in the real economy and supply," executive chairman Peter Harf said in a press release.
Coty reported an adjusted operating loss of $335 million, compared to a $126 million profit a year ago.
Source Fool.com
