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Nov 7 (Reuters) - Beauty products maker Coty Inc missed revenue estimates for the second consecutive quarter on Wednesday, as the company took a hit from lingering supply chain problems both in the United States and Europe, sending its shares down 10 percent.
The Covergirl cosmetics maker has been grappling with supply chain problems related to the streamlining of its distribution centers in Europe and the United States, after its acquisition of 41 beauty brands from Procter & Gamble in 2016 as well as shortages of packaging products and other items with its key suppliers.
Sales in Europe, its biggest market, fell 10 percent in the quarter, while the hurricane that hurt manufacturing and distribution centers in North Carolina drove a 14 percent dip in North America.
"While we had anticipated some level of disruption in the first quarter from warehousing and planning consolidation, the increased scope of the disruptions resulted in much weaker results than previously expected," Chief Executive Officer Camillo Pane said.
Pane added that the New York-based company does not expect to fully recover the financial impact of first quarter during the remaining part of the fiscal year, which ends in June 2019.
Coty's consumer beauty segment that includes brands such as Rimmel and Max Factor, remained a sore spot for the company, falling nearly 21 percent, weighed down by increased competition, higher promotional offers and its problems on supply chain.
Operating income at Coty's luxury business segment that owns perfume brands from Gucci, Tiffany, Miu Miu and Chloe, fell 14 percent in the quarter.
Net revenue fell 9.2 pct to $2.03 billion, missing analysts' average estimate of $2.17 billion.
Net loss attributable to the company narrowed to $12.1 million in the first quarter ended Sept. 30.
Excluding one-time items, Coty earned 11 cents, beating analysts' average estimate of 8 cents, according to IBES data from Refinitiv.
"While sentiment was low, results were well below expectations and with ongoing execution issues and little visibility, we expect shares to trade sharply lower today," Wells Fargo analyst Joe Lachky noted. (Reporting by Jaslein Mahil; Editing by James Emmanuel)