Calvin Klein maker Coty Inc has seen second quarter earnings plummet 30%. The less than dazzling profits came in at US$82.5m compared to $123.2m for the same period a year ago. While fragrances revenues saw a comparatively marginal 2% dip, colour cosmetics sales saw a 9% collapse.
“We faced a challenging second quarter, as expected,” acknowledged CEO Michele Scannavini in a statement. “US market softness, particularly in the mass fragrance and nail categories, and the high level of promotional activity through the holiday season have impacted our performance in mature markets.”
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