Coty cut its annual profit forecast on Monday after missing second-quarter revenue estimates on Monday, as it grapples with slowing demand for cosmetics in the United States and a tighter control of beauty inventory by retailers.

The company's quarterly net revenue fell to $1.67 billion from $1.73 billion. Analysts on average had estimated sales of $1.72 billion, according to data compiled by LSEG. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'Silva)

Beauty products company Coty (NYSE:COTY) fell short of the market’s revenue expectations in Q4 CY2024, with sales falling 3.3% year on year to $1.67 billion. Its non-GAAP profit of $0.11 per share was 47.

Coty on Monday cut its annual profit forecast and posted a surprise drop in quarterly revenue, as it faces slowing demand for cosmetics from consumers who have reined in spending because of inflationary worries.