August 28, 2019 / 10:43 AM / 2 months ago

Coty quarterly revenue falls 8% on sluggish demand

Aug 28 (Reuters) - Cosmetics maker Coty Inc reported an 8% fall in quarterly revenue on Wednesday, hurt by sluggish demand in its biggest segment, consumer beauty.

Net revenue slipped to $2.12 billion from $2.30 billion a year earlier. Analysts were expecting $2.11 billion, according to IBES data from Refinitiv.

Net loss attributable to the company widened to $2.80 billion, or $3.72 per share, in the fourth quarter ended June 30, from $181.3 million, or 24 cents per share, a year earlier.

The loss was mainly due to a $3 billion writedown in its consumer brands. (Reporting by Aditi Sebastian and Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)

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