The what? Coty has reported a YOY Q1 revenue fall of 4.4 percent to $1.94 billion, missing Wall Street expectations of $1.97 billion. The fall was said to be due to a decline in North American sales.
The details Company profit, however, beat industry expectations, fuelled by demand for the Hugo Boss, Burberry and Gucci fragrances, and an $84.5 million boost from the divestiture of its Younique division.
Revenue at the Consumer Beauty arm fell 9.7 percent, a drop put down to weakness in the Younique brand, which was sold in September.
The why? Coty has been hit by slow sales of its mass-market products, as well as the fall in North American sales. The company is looking at the divestiture of its professional beauty arm as well as its Brazilian operations in a bid to turn its fortunes around.