Coty Inc. ‘s sales slipped in the first three months of fiscal 2026, the beauty company reported Wednesday, just weeks after it was revealed that it will lose the Gucci license.

Net revenue tallied $1.58 billion, down 6 percent from a year earlier, but roughly in line with Wall Street estimates. On a like-for-like basis, revenues declined 8 percent.

Within that, prestige revenue was down 4 percent, just topping $1 billion. Consumer beauty revenue was $507.7 million, representing a decrease of 9 percent.

Adjusted earnings per share came in at 12 cents, below analysts’ estimates of 15 cents.

Nevertheless, Coty sees signs of improvement.

“We expect Q2 sales to be at the more favorable end of our previous guidance, with a return to sales and profit growth in the second half,” said

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