[vc_row njt-role-user-roles=”administrator,armember”][vc_column][vc_column_text]
The American beauty products multinational Coty announces a net loss of $722.8 million for its fourth quarter 2020.
The cosmetics group generated revenues of $560.4 million, down 62.8% in total data (-59.7% on a comparable basis) as a result of the Covid-19 health crisis.
In addition, it should be noted that for the full year, Coty recorded an adjusted net loss of 48 cents per share, for revenues down 25% to $4.72 billion (-20.3% on a comparable basis).
However, the company expects to return to an adjusted profit from operations in the current quarter.
Chief Executive Officer Peter Harf said he did not feel discouraged.
He even says that “Coty is back. Coty’s last quarter was marked by external shocks – the coronavirus pandemic – which triggered a crisis in the real economy and the supply side“.
In addition, the group points out that it has improved its business over the last two months and expects to return to profitability in the first quarter of FY 2021.
The CEO also added: “Coty today is very different from just a few months ago, thanks to the bold and decisive measures we have taken. We can clearly see green shoots emerging despite this challenging environment as we gain market share, create a strong e-commerce momentum, successfully launch new products and ensure that Kylie Skin is on the right track for growth”.
Read also > COTY APPOINTS A NEW MANAGER AND SELLS ITS HAIR PRODUCTS
Featured photo: © Coty
[/vc_column_text][/vc_column][/vc_row]
