By Christiana Sciaudone
Investing.com -- Europe's lockdown offset Coty (NYSE:COTY)'s solid results in Asia, dragging the stock down 9%.
The beauty products purveyor missed expectations for the fiscal third quarter by a hair as overall sales dropped by 3%, despite 20% growth in Asia and 30% growth in e-commerce. Europe, including the Middle East and Africa, saw revenue drop almost 8% with countries locked down once again in the battle against Covid-19.
Shares are up more than 150% since cosmetics veteran and entrepreneur Sue Nabi was named as CEO in July. Sales had been slipping prior to her arrival, and got hit hard at the start of the pandemic last year. Investors have been pinning their hopes on a Nabi-led turnaround.
The company reported market share gains for CoverGirl in the U.S., strong luxury fragrance demand in the U.S., with Coty's portfolio outperforming the market. Prestige sales also returned to growth, particularly in China.
"Our Q3 marked another strong milestone in our journey to rejuvenate Coty's position as a global beauty powerhouse," Nabi said in a statement. "In less than a year, the leadership team and the broader organization have successfully mapped out our strategy, activated our brand and category plans, while generating operational improvements, and strengthening our financial position."