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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.

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