These Were Last Week’s 10 Worst Performers

6. Coty Inc. (NYSE:COTY)

Shares of Coty Inc. fell 17 percent week-on-week, ending Friday’s session at $5.58 apiece versus the $6.76 registered on February 7 as investors sold off positions following disappointing earnings performance last year and pessimistic outlook guidance.

In its latest earnings release, COTY registered an 83-percent lower net income for the past quarter, ending at $30.6 million versus the $186 million year-on-year, pulling down its net profit from July to December by 38 percent to $121.3 million from $196.2 million year-on-year.

Net revenues for the quarter dipped by 3 percent to $1.67 billion from $1.73 billion, while six-month net revenues were flat at $3.3 billion.

Given the dismal performance, COTY cut its annual profit forecast primarily due to expectations of lower demand for cosmetics products.

The company, which operates the brand CoverGirl has seen weakness in the Asian travel retail business, particularly at airports and travel destinations in Asia, including Korea and China.