Trucker strike in Brazil hurts Coty sales, forecast falls short

(Reuters) – Coty Inc (COTY.N) fell short of quarterly sales forecasts for the first time in six quarters on Tuesday due to a 10-day long trucker strike in Brazil that disrupted supplies to retailers in May and June.

The beauty products maker also said its chief financial officer was stepping down and gave a profit forecast for 2019 that was below Wall Street expectations, helping send its shares down as much as 11.2 percent.

The strike in Brazil reduced sales at Coty’s consumer beauty unit at a time when analysts were expecting growth. The unit accounts for nearly half of its total sales and includes brands such as Rimmel, Max Factor and CoverGirl.

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