Why Coty Stock Had an Ugly Day
Shares of Coty (NYSE: COTY) had an ugly day, down by 8% at the close, after the company reported fiscal fourth-quarter earnings. The results missed expectations, as the COVID-19 pandemic impacted retail foot traffic.
Revenue in the second quarter plunged 53% to $922.1 million, shy of the $1.34 billion in sales that analysts were modeling for. That all resulted in an adjusted net loss of $386.7 million, or $0.51 per share. The consensus estimate had called for the beauty products company to post an adjusted net loss of just $0.11 per share.
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Source Fool.com
