Coty’s Turnaround Flags as Perfume Sales Drop Set to Persist

Coty Inc. slumped after forecasting steep sales declines will continue as retailers clear out existing inventory and consumer demand remains tepid in the face of an uncertain economic outlook.

Shares sank the most since 2020, wiping off as much as $968 million in market value. The stock is down 19% at $3.93 at 10:12 a.m. in New York, making it the worst performer in the Russell 3000 index.