Coty Quarterly Revenue Falls 3% as Europe Lockdowns Dent Makeup Demand

Cosmetics maker Coty Inc reported third-quarter revenue on Monday that fell 3.3 percent, as sales of its beauty products were pressured by Covid-19 lockdowns.

Restrictions in certain parts of Europe, including UK and France, imposed to curb surging virus cases hampered demand for the company’s products including Rimmel lipsticks.

Coty’s revenue from continuing operations on a reported basis fell to $1.03 billion in the quarter from $1.06 billion.

Analysts had expected revenue of $1.03 billion, according to IBES data from Refinitiv.

Net loss attributable to common stockholders was $18.5 million, or 2 cents per share, in the quarter ended March 31, compared with a loss of $271.6 million, or 36 cents per share, a year earlier.

The reported quarter included an operating loss of $1.4 million, compared with an operating loss of $299.5 million a year earlier.

By Aditi Sebastian; Editor: Shounak Dasgupta