Coty Cuts Annual Profit Forecast
CoverGirl parent Coty cut its annual profit forecast on Tuesday, signalling soft demand for cosmetics in the United States amid inflationary pressures.
The company's shares fell about 2 percent in extended trading. They have fallen about 25 percent so far this year.
Coty has been struggling with retailers in the US destocking due to weak demand from consumers, who are facing the impact of still-high inflation.
Weakness in travel retail business at airports in Asia has also hurt beauty retailers, with cosmetics giant Estée Lauder flagging a sputtering recovery in demand for beauty products in key China market.
Coty expects 2025 per-share profit to be between 49 and 50 cents, compared with its prior forecast of 50 to 52 cents.
By Juveria Tabassum; Editing by Shilpi Majumdar
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Coty to Cut 700 Jobs As Part of Cost-Saving Initiative
The American beauty conglomerate announced on Thursday that a newly enhanced cost-saving programme will cull 700 jobs across the globe, around 5 percent of its workforce.
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