Brazilian beauty giant Natura scraps earnings targets as losses mount By Reuters

(Reuters) -Brazilian cosmetics maker Natura & Co Holding SA on Wednesday posted a 3rd straight quarterly loss and stated it was scrapping beforehand given monetary targets because it deepens its restructuring efforts.

Hit exhausting by slumping shopper demand globally as excessive inflation bites, the proprietor of the Natura, Avon, Aesop and the Physique Store manufacturers logged a internet lack of 559.8 million reais ($108 million) within the quarter ended September.

That compares with a 272.9 million reais revenue in the identical interval a 12 months earlier.

Web revenues dropped 6% to 9 billion reais however have been up 2.2% in fixed forex phrases. Even in fixed forex phrases, nevertheless, its Physique Store gross sales tumbled 20% and its Avon Worldwide gross sales additionally fell.

Core earnings slid 38% to 589.5 million reais.

Natura, which noticed new Chief Govt Fabio Barbosa take the helm in June, has been reviewing its enterprise mannequin and presence in underperforming markets. It has additionally flagged a potential U.S. preliminary public providing or spin-off of the luxurious Aesop model.

Barbosa stated in a press release the outcomes have been in step with expectations that the corporate had given final quarter and its reorganisation efforts have been continuing properly.

The corporate’s shares have fallen 48% for the 12 months to this point.

($1 = 5.1864 reais)