<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-2025-08-21T181700.642.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-2025-08-21T181700.642.png"/></p>
<p>美容巨头科蒂的股价在周四的盘前交易中下跌超过 21%，原因是 CoverGirl 和 Gucci 香水的拥有者预计当前季度销售将大幅下降，这突显了消费者支出面临的压力以及美国化妆品市场所面临的挑战。</p>
<p>该公司表示，预计第一季度的同店销售将下降 6% 至 8%，而去年同期增长为 4.5%。</p>
<p>科蒂还报告了每股 0.05 美元的季度亏损，超出预期，营收为 12.5 亿美元，同比下降 8%。</p>
<p>LSEG 调查的分析师预计每股亏损为 0.02 美元，营收为 12 亿美元。</p>
<h2>美国市场挣扎导致利润警告</h2>
<p>首席财务官 Laurent Mercier 将化妆品放缓归因于以价值为导向的消费者、对新产品发布的疲惫、使用频率降低以及 Z 世代对香水日益增长的偏好。</p>
<p>该公司最大的市场美国是业绩不佳的主要原因。</p>
<p>科蒂承认在高端和大众化妆品领域都失去了市场份额，原因是执行不力和需求疲软。</p>
<p>零售商的库存去化也对公司造成了重大压力，因为公司故意削减了贸易库存水平，以为未来的增长做准备。</p>
<h2>缺乏重磅产品发布，但香水保持稳定</h2>
<p>与去年相比，本季度也缺乏重磅产品发布，而去年 Burberry Goddess 推动了市场动能。</p>
<p>相反，科蒂的创新管道主要集中在产品扩展上，而不是重大新产品发布。</p>
<p>尽管如此，该公司的香水业务表现出了一定的韧性。</p>
<p>高端香水的同店销售增长了 2%，而大众市场香水增长了 8%。</p>
<p>首席执行官 Sue Nabi 强调了 Adidas Vibes 的强劲需求，以及 BOSS Bottled Beyond 的早期吸引力，同时还提到了针对年轻消费者的新 Calvin Klein 香水喷雾系列的良好表现。</p>
<p>Nabi 强调了科蒂在她所称的 “消费享受经济学” 中的定位，这是一种消费者在经济不确定性期间转向小奢侈品的趋势。</p>
<p>“科蒂在这一领域的定位非常完美，因为它是唯一一个积极针对高端和低端价格区间的全球香水参与者，” 她说。</p>
<h2>关税逆风和生产转移</h2>
<p>除了消费者的逆风外，科蒂还面临来自欧洲制造的香水和中国组件的新关税，这预计将造成 7000 万美元的毛成本压力。</p>
<p>为了减轻影响，该公司计划提高美国高端香水的价格，并将部分生产转移到美国工厂。</p>
<p>Mercier 还提到美国移民政策的变化是一个额外的挑战，尽管他说科蒂的 “All-in to Win” 计划下的节省成本措施——包括重组和美国的领导层变动——将有助于抵消部分影响。</p>
<h2>复苏之路依赖香水和创新</h2>
<p>展望未来，科蒂的管理层认为上半年的挑战较大，预计通过高调的香水发布和向快速增长的子类别扩展，增长将在稍后恢复。</p>
<p>Nabi 指出即将推出的产品，如 Marc Jacobs 化妆品和持续的香水喷雾系列，是复苏战略的核心。</p>
<p>“该公司最近推出的 Calvin Klein 喷雾系列显示出良好的早期结果，吸引了寻求实惠小奢侈品的年轻消费者，” 她说。</p>
<p>“科蒂的战略重点是利用其在香水领域的全球领导地位来推动强劲增长，” Nabi 说。</p>
<h2>经纪人情绪谨慎，股价大幅下跌</h2>
<p>即使在周四的暴跌之前，科蒂的股价今年已经下跌了约 30%。</p>
<p>在更新后，股价在盘前交易中跌至 3.83 美元，创下多年来单日最大跌幅。</p>
<p>根据 LSEG 的数据，19 家经纪公司中有 7 家对该股评级为 “买入” 或更高，10 家评级为 “持有”，2 家建议 “卖出”。</p>
<p>中位数目标价为 6 美元，若科蒂能够稳定其美国业务并重新点燃消费者热情，则有潜在的上涨空间。</p>
<p>科蒂股价因需求疲软和关税压力下滑 21% 的文章首发于 Invezz。</p>

科蒂

<p>科蒂的股价在盘前交易中下跌超过 21%，原因是该公司预计当前季度销售将大幅下降，主要由于消费者需求疲软和美国化妆品市场面临挑战。该公司预计同店销售将下降 6-8%，扭转了去年的增长。科蒂报告的季度亏损为每股 0.05 美元，收入为 12.5 亿美元，同比下降 8%。关税和生产转移增加了成本压力，而管理层则希望通过香水创新和战略性产品发布实现复苏</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-2025-08-21T181700.642.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/image-2025-08-21T181700.642.png"/></p>
<p>Shares of beauty giant Coty fell more than 21% in premarket trading on Thursday after the CoverGirl and Gucci fragrances owner projected a steep sales decline for the current quarter, underscoring the pressure on consumer spending and the challenges facing the US cosmetics market.</p>
<div class="lb-trans"><p>美容巨头科蒂的股价在周四的盘前交易中下跌超过 21%，原因是 CoverGirl 和 Gucci 香水的拥有者预计当前季度销售将大幅下降，这突显了消费者支出面临的压力以及美国化妆品市场所面临的挑战。</p>
</div><p>The company said it expects like-for-like sales to decline between 6% and 8% in the first quarter, reversing 4.5% growth in the same period a year ago.</p>
<div class="lb-trans"><p>该公司表示，预计第一季度的同店销售将下降 6% 至 8%，而去年同期增长为 4.5%。</p>
</div><p>Coty also reported a wider-than-expected quarterly loss of $0.05 per share on revenue of $1.25 billion, down 8% from last year.</p>
<div class="lb-trans"><p>科蒂还报告了每股 0.05 美元的季度亏损，超出预期，营收为 12.5 亿美元，同比下降 8%。</p>
</div><p>Analysts surveyed by LSEG had expected a loss of $0.02 per share and revenue of $1.20 billion.</p>
<div class="lb-trans"><p>LSEG 调查的分析师预计每股亏损为 0.02 美元，营收为 12 亿美元。</p>
</div><h2>US market struggles drive profit warning</h2>
<div class="lb-trans"><h2>美国市场挣扎导致利润警告</h2>
</div><p>CFO Laurent Mercier attributed the cosmetics slowdown to value-driven consumers, fatigue with new product launches, reduced usage, and Gen Z’s growing preference for fragrances.</p>
<div class="lb-trans"><p>首席财务官 Laurent Mercier 将化妆品放缓归因于以价值为导向的消费者、对新产品发布的疲惫、使用频率降低以及 Z 世代对香水日益增长的偏好。</p>
</div><p>The company’s largest market, the US, drove much of the underperformance.</p>
<div class="lb-trans"><p>该公司最大的市场美国是业绩不佳的主要原因。</p>
</div><p>Coty admitted to losing share in both the Prestige and mass cosmetics segments, citing weak execution and softer demand.</p>
<div class="lb-trans"><p>科蒂承认在高端和大众化妆品领域都失去了市场份额，原因是执行不力和需求疲软。</p>
</div><p>Retailer inventory destocking also weighed heavily, as the company deliberately cut trade stock levels to reset for future growth.</p>
<div class="lb-trans"><p>零售商的库存去化也对公司造成了重大压力，因为公司故意削减了贸易库存水平，以为未来的增长做准备。</p>
</div><h2>Blockbuster launches absent but fragrances hold firm</h2>
<div class="lb-trans"><h2>缺乏重磅产品发布，但香水保持稳定</h2>
</div><p>The quarter also suffered from a lack of blockbuster product launches compared with the prior year, when Burberry Goddess drove momentum.</p>
<div class="lb-trans"><p>与去年相比，本季度也缺乏重磅产品发布，而去年 Burberry Goddess 推动了市场动能。</p>
</div><p>Instead, Coty’s innovation pipeline was dominated by product extensions rather than major new rollouts.</p>
<div class="lb-trans"><p>相反，科蒂的创新管道主要集中在产品扩展上，而不是重大新产品发布。</p>
</div><p>Even so, the company’s fragrance business offered some resilience.</p>
<div class="lb-trans"><p>尽管如此，该公司的香水业务表现出了一定的韧性。</p>
</div><p>Prestige fragrances rose 2% like-for-like, while mass-market fragrances climbed 8%.</p>
<div class="lb-trans"><p>高端香水的同店销售增长了 2%，而大众市场香水增长了 8%。</p>
</div><p>CEO Sue Nabi highlighted strong demand for Adidas Vibes and early traction from BOSS Bottled Beyond, alongside promising results from a new Calvin Klein fragrance mist collection targeting younger consumers.</p>
<div class="lb-trans"><p>首席执行官 Sue Nabi 强调了 Adidas Vibes 的强劲需求，以及 BOSS Bottled Beyond 的早期吸引力，同时还提到了针对年轻消费者的新 Calvin Klein 香水喷雾系列的良好表现。</p>
</div><p>Nabi stressed Coty’s positioning in what she called “treatonomics,” a trend where consumers turn to small indulgences during economic uncertainty.</p>
<div class="lb-trans"><p>Nabi 强调了科蒂在她所称的 “消费享受经济学” 中的定位，这是一种消费者在经济不确定性期间转向小奢侈品的趋势。</p>
</div><p>“Coty is perfectly positioned to win, as the only global fragrance player actively targeting both the high and low price tiers,” she said.</p>
<div class="lb-trans"><p>“科蒂在这一领域的定位非常完美，因为它是唯一一个积极针对高端和低端价格区间的全球香水参与者，” 她说。</p>
</div><h2>Tariff headwinds and production shift</h2>
<div class="lb-trans"><h2>关税逆风和生产转移</h2>
</div><p>Beyond consumer headwinds, Coty faces new tariffs on European-made fragrances and Chinese components, which are expected to create $70 million in gross cost pressures.</p>
<div class="lb-trans"><p>除了消费者的逆风外，科蒂还面临来自欧洲制造的香水和中国组件的新关税，这预计将造成 7000 万美元的毛成本压力。</p>
</div><p>To mitigate the impact, the company plans to raise US prices on premium fragrances and shift some production to American facilities.</p>
<div class="lb-trans"><p>为了减轻影响，该公司计划提高美国高端香水的价格，并将部分生产转移到美国工厂。</p>
</div><p>Mercier also cited changes in US immigration policy as an added challenge, although he said cost-saving measures under Coty’s “All-in to Win” program—ranging from restructuring to leadership changes in the US—would help offset some of the impact.</p>
<div class="lb-trans"><p>Mercier 还提到美国移民政策的变化是一个额外的挑战，尽管他说科蒂的 “All-in to Win” 计划下的节省成本措施——包括重组和美国的领导层变动——将有助于抵消部分影响。</p>
</div><h2>Path to recovery rests on fragrances and innovation</h2>
<div class="lb-trans"><h2>复苏之路依赖香水和创新</h2>
</div><p>Looking ahead, Coty’s management sees the first half of the year as challenging, with growth expected to return later through high-profile fragrance launches and expansion into faster-growing subcategories.</p>
<div class="lb-trans"><p>展望未来，科蒂的管理层认为上半年的挑战较大，预计通过高调的香水发布和向快速增长的子类别扩展，增长将在稍后恢复。</p>
</div><p>Nabi pointed to upcoming rollouts such as Marc Jacobs makeup and continued fragrance mist lines as central to the recovery strategy.</p>
<div class="lb-trans"><p>Nabi 指出即将推出的产品，如 Marc Jacobs 化妆品和持续的香水喷雾系列，是复苏战略的核心。</p>
</div><p>“The company’s recent launch of a Calvin Klein mist collection is showing promising early results, attracting younger consumers seeking affordable pick-me-ups,” she said.</p>
<div class="lb-trans"><p>“该公司最近推出的 Calvin Klein 喷雾系列显示出良好的早期结果，吸引了寻求实惠小奢侈品的年轻消费者，” 她说。</p>
</div><p>“Coty’s strategic focus is leveraging its global leadership in fragrances to drive strong growth,” Nabi said.</p>
<div class="lb-trans"><p>“科蒂的战略重点是利用其在香水领域的全球领导地位来推动强劲增长，” Nabi 说。</p>
</div><h2>Broker sentiment cautious amid sharp selloff</h2>
<div class="lb-trans"><h2>经纪人情绪谨慎，股价大幅下跌</h2>
</div><p>Even before Thursday’s plunge, Coty shares had lost about 30% this year.</p>
<div class="lb-trans"><p>即使在周四的暴跌之前，科蒂的股价今年已经下跌了约 30%。</p>
</div><p>After the update, shares fell to $3.83 in premarket trade, their steepest single-session drop in years.</p>
<div class="lb-trans"><p>在更新后，股价在盘前交易中跌至 3.83 美元，创下多年来单日最大跌幅。</p>
</div><p>According to LSEG data, seven of 19 brokerages rate the stock a “buy” or higher, ten call it a “hold,” and two recommend “sell.”</p>
<div class="lb-trans"><p>根据 LSEG 的数据，19 家经纪公司中有 7 家对该股评级为 “买入” 或更高，10 家评级为 “持有”，2 家建议 “卖出”。</p>
</div><p>The median price target stands at $6, implying potential upside if Coty can stabilize its U.S. business and reignite consumer enthusiasm.</p>
<div class="lb-trans"><p>中位数目标价为 6 美元，若科蒂能够稳定其美国业务并重新点燃消费者热情，则有潜在的上涨空间。</p>
</div><p>The post Coty shares slump 21% as weak demand and tariffs weigh on outlook appeared first on Invezz</p>
<div class="lb-trans"><p>科蒂股价因需求疲软和关税压力下滑 21% 的文章首发于 Invezz。</p>
</div>

由于需求疲软和关税对前景的影响，科蒂股价下跌了 21%