) raised its 2019 revenue forecast on Wednesday, betting on a four-year restructuring plan that involves a multi-billion dollar write-down of some of its beauty brands and a simpler organizational structure, sending its shares up 6%.
Same time, the company laid out a restructuring plan to stem falling sales in its consumer beauty business, which has been struggling with streamlining distribution for the 40 brands it acquired from P&G. Coty on Wednesday said it ended its partnership with the online brand, in which it bought a 60% stake in 2017.
The New York-based company expects net revenue, on a comparable basis, to be flat to slightly lower in fiscal 2020, with visible progress in the first quarter. The company had earlier said it expected a moderating decline in net revenue.
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