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 story : Coty earnings miss expectations but CoverGirl making gains #FinanceUSA #StockMarketNEWS Coty Inc. stock sank 4.6% in Monday premarket trading after the global beauty company's fiscal third-quarter

@stockMarketNEWS Mon 10 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Coty earnings miss expectations but CoverGirl making gains #FinanceUSA #StockMarketNEWS
Coty Inc. stock sank 4.6% in Monday premarket trading after the global beauty company's fiscal third-quarter earnings missed expectations. Net loss totaled .5 million, or 2 cents per share, after a loss of 1.6 million, or 36 cents per share, last year. Adjusted EPS was breakeven after a loss of 14 cents last year. The FactSet EPS consensus was for a penny per share. Revenue of .028 billion was down from .063 billion last year and ahead of the FactSet consensus for .026 billion. The company is in the midst of a strategic growth plan, with the CoverGirl brand gaining market share in the U.S. over the past five weeks. The plan also includes re-positioning plans for Rimmel and Max Factor in Europe and cutting sales in what Chief Executive Sue Nabi called "low-quality channels." Coty reiterated its guidance for full-year revenue of .5 billion to .6 billion and cost reductions of about 0 million in fiscal year 2021. The FactSet consensus is for full-year revenue of .536 billion. Coty stock has gained 47.3% for the year to date while the S&P 500 index has gained 12.7% for the period.


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