CoverGirl owner Coty to exit Russia operations
Reuters
Published Apr 27, 2022 04:47PM ET
Updated Apr 27, 2022 05:15PM ET
(Reuters) -CoverGirl owner Coty (NYSE:COTY) Inc said on Wednesday it would exit its Russia operations, becoming the latest U.S. company to pull out of the country following Moscow's invasion of Ukraine.
The move aligns Coty with the likes of burger chain McDonald's (NYSE:MCD), sportswear player Nike (NYSE:NKE) and Marlboro maker Philip Morris International Inc (NYSE:PM).
Russia accounted for a little more than 3% of Coty's sales in 2021, the company said. In the fiscal year ended June 2021, Coty posted total sales of $4.63 billion.
Coty said it does not expect the move to impact its fiscal 2022 revenue and profit targets, citing the seasonally lower contribution of the Russia business in its fourth quarter.
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Written By: Reuters
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