Coty's quarterly loss widens on 3 billion dollars writedown | Progresiv
Coty Inc reported a wider quarterly loss, hurt by a 3 billion dollars (2.7 billion euros) writedown in value of its consumer beauty brands, a part of the cosmetics maker's restructuring plan to turn around the business. 
The company said in July that it would write down value of brands acquired from Procter & Gamble Co in 2016, in absence of recent growth.
The makeup and fragrance maker has been struggling for shelf space for its consumer products, as retailers stock up trendier, popular brands like NYX, Winky Lux and ColourPop.
These brands are promoted through Instagram and are a rage among millennials.
Revenue from consumer beauty segment in Q2 fell 15.2% to 902.4 million dollars (813.6 million euros) in the fourth quarter ended 30 June.
Net loss attributable to the company widened to 2.80 billion dollars (2.52 billion euros), from 181.3 million dollars (163.5 million euros.
Net revenue slipped to 2.12 billion dollars (1.91 billion euros) from 2.30 billion dollars (2.07 billion euros) a year earlier.
The company said it expects fiscal 2020 earnings to grow by mid-single digits. The Wall Street is projecting annual growth of 5.8%, according to IBES data from Refinitiv.
Coty also said it ended its partnership with online cosmetics retailer Younique LLC, a business it bought a 60% stake in 2017. (www.esmmagazine.com)
