logo
Plus   Neg
Share
Email

Coty Sees Q3 L-f-L Revenues Down 20%; Withdraws FY19 Guidance

Coty Inc. (COTY) expects its net revenues for the third quarter of fiscal year 2020 to decline about 20% like-for-like, and meaningful impact on profit, due the impact of COVID-19 on its business.

Coty has decided to withdraw its guidance for fiscal year 2020.

The company said it will propose to the Board of Directors, to increase from 50% to 100% the option for shareholders to receive their $0.125 quarterly dividend in kind for the coming two quarters.

Coty is taking initiatives to begin manufacturing and supplying hand sanitizer to medical and emergency services where needed.

Additionally, Coty's largest shareholder, JAB, has notified the company that it has decided to fully repay the loan it used to finance the tender offer in 2019.

The company is continuing to pursue with confidence the strategic review of its Professional hair and Brazilian businesses.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
Follow RTT