Coty reported an unexpected quarterly loss, with like-for-like sales dropping 9% year-over-year. The company expects sales to continue falling in the current and following quarters before rebounding in the second half of the fiscal year. Shares of Coty plunged 20% in premarket trading due to weak guidance and cautious retailer orders. The company attributed the loss to softness in U.S. demand, pressure in the mass cosmetics market, and slower fragrance sales. Coty anticipates returning to positive sales in the second half of the fiscal year, despite current challenges. Shares are down 30% year-to-date.

Read more at Yahoo Finance: Coty Reports a Surprise Loss as Retailers Pull Back on Orders