Coty’s quarterly sales slump 56% as virus-wary shoppers stay home

(Reuters) – Coty Inc reported a 56% drop in quarterly sales on Thursday, as demand for its beauty products took a hit from closures of stores and parlors during coronavirus lockdowns.

Net loss attributable to Coty narrowed to $772.8 million, or $1.01 per share, in the fourth quarter ended June 30, from about $2.8 billion, or $3.72 per share, last year.

Net revenue fell on a reported basis to $922.1 million.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila and Sherry Jacob-Phillips)