Coty Shares Fall After Earnings Miss

Coty Inc. shares fell 3.2% in Tuesday premarket trading after the beauty company reported fourth-quarter earnings that missed expectations. The company had a net loss of $304.8 million, or 41 cents per share, wider than a loss of $31.0 million, or 9 cents per share, for the same period last year. Adjusted EPS was breakeven, below the 9-cent FactSet consensus. Revenue for the quarter was $2.24 billion, up from $1.08 billion last year and ahead of the $2.17 billion FactSet consensus. Standout brands include Wella and OPI in the Professional Beauty category and Hugo Boss, Gucci, Chloe and Philosophy in the Luxury category. Covergirl struggled during the quarter. Coty shares are up 6.8% for the year so far while the S&P 500 index is up 8.5% for the period.