Coty (NYSE: COTY) reported Q2 EPS of $0.30, $0.03 worse than the analyst estimate of $0.33. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.36 billion.

The Company expects the combined company net revenue decline in constant currency to slow down for the second half of fiscal 2017, excluding Younique and ghd.

Coty continues to target the total four-year synergies and working capital benefits of $750 million and $500 million, respectively, with no change to the operating costs to realize both. The Company is refining the phasing of the targeted $750M in synergies in order to take into account the business dynamics and to reflect the fiscal year P&L impact. Coty now expects to cumulatively generate approximately 20% of the net $750M synergies through FY17, approximately 50% through FY18, approximately 80% through FY19, and the full $750M through FY20, with the focus on having the right infrastructure in place to support long-term growth.

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