Coty reports Q4 (Jun) results, misses on revs
- Reports Q4 (Jun) loss of $0.46 per share, may not be comparable to the S&P Capital IQ Consensus of ($0.09); revenues fell 62.8% year/year to $560.4 mln vs the $1.37 bln S&P Capital IQ Consensus.
- Commentary on outlook - "To address our financial performance, the team has set rigorous objectives for FY21, targeting adjusted operating income profitability in Q1 and for the full year, and constant like-for-like net debt -- excluding proceeds from the Wella divestiture - supported by aggressive cost reductions and a simplified infrastructure and organization. We remain on track to deliver over 1/3 of the savings from our $600M fixed cost reduction program by the end of this year."