The American cosmetics and perfumes manufacturer Coty Inc. saw its net loss widen in the fourth financial quarter and recorded only a slight increase in revenue.
According to a Coty press release, the net loss for April–June amounted to $144.3 million, or 16 cents per share, compared with $72.1 million, or 8 cents per share, for the same period last year.
The loss excluding one-off items was 2 cents per share, compared with 5 cents a year earlier.
Coty’s quarterly revenue rose by 1 per cent to $1.27 billion. Analysts polled by FactSet had expected revenue of $1.19 billion.
Revenue in the premium cosmetics and fragrances segment rose by 1 per cent (to $771.8 million) last quarter, whilst mass-market revenue also increased by 1 per cent (to $497.4 million).
For the financial year as a whole, the company recorded a net loss of $618 million and saw revenue fall by 2 per cent to $5.81 billion.
According to the company’s forecast, its like-for-like sales are expected to fall by 1–6 per cent in the first quarter of the current financial year, whilst adjusted EBITDA is expected to fall by more than 10 per cent.
Coty also announced that Soraya Benchich will become the company’s new chief financial officer. She will take up the post on 1 September, succeeding Laurent Mercier. Benchich previously served as chief financial officer at British American Tobacco.
Coty’s shares in New York fell by 6.6 per cent in after-hours trading on Wednesday.
The company manufactures and sells cosmetics, personal care products and fragrances under the brands Alexander McQueen, Bottega Veneta, Burberry, Calvin Klein, Chloé, CoverGirl, Davidoff, Gucci, Hugo Boss, Kylie Skin, Marc Jacobs, Max Factor, Miu Miu, Rimmel and Sally Hansen.