Shares of Coty Inc. COTY, +3.93% rose 2.9% in premarket trading Tuesday, after the beauty products company reported fiscal second-quarter adjusted profit that declined less than expected, while sales fell a bit shy. The net loss for the quarter to Dec. 31 widened to $275.4 million, or 36 cents a share, from from $21.1 million, or 3 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 17 cents from 27 cents, but was above the FactSet consensus of 7 cents. Revenue declined 15.9% to $1.415 billion, just below the FactSet consensus of $1.433 billion, as sales in the Americas and EMEA (Europe, Middle East and Africa) regions missed expectations while Asia Pacific beat. The company said despite continued disruptions to sales and short-term orders related to the COVID-19 pandemic, it will start raising commercial investments ahead of fiscal 2022, while the company raised its full-year cost cutting target to $300 million. The stock has soared 78.4% over the past three months through Monday, while the S&P 500 SPX, +0.74% has gained 10.3%.
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