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Coty Stock Stumbles on Fiscal 2016 First Quarter Revenue Miss

NEW YORK (TheStreet) -- Coty (COTY - Get Report) stock is falling 5.44% to $28.23 on heavy trading volume on Thursday afternoon after the company reported lower than expected revenue for the fiscal 2016 first quarter. Earnings surpassed estimates by 29 cents.

Before the market opened this morning, the beauty products company reported revenue that declined 6% year-over-year to $1.11 billion for the quarter ended September 30, missing estimates of $1.13 billion.

"Revenue growth was not where we would like it to be," interim CEO Bart Becht said in a statement. "While color cosmetics growth continued to be very strong due to Sally Hansen and Rimmel, and skin and body care trends are improving, fragrance growth is...