Coty (COTY) Q3 Earnings Match Estimates, Revenues Decline
Coty Inc. COTY released third-quarter fiscal 2021 results, wherein the bottom line increased year over year and came in line with the Zacks Consensus Estimate. While the top line declined year over year, trends improved sequentially despite the pandemic-induced lockdowns in key markets, especially Western Europe. The company noted that sales in the prestige channel reverted to growth, as the effects of coronavirus decreased in a number of markets. The company saw strength in several core markets like China and the United States. Though sales in Europe have been under pressure, lifting of curbs is likely to aid improvement in the region, which is one of the key regions. The company also continued to gain from strong e-commerce operations. Apart from these, Coty remained focused on curtailing the cost structure in the third quarter, with savings amounting to nearly $110 million. Year to date, its cost savings amounted to more than $270 million. Well, the company is on track to achieve it...