Rabanne Owner Falls as Profit Declines, Makeup Sales Tumble (1)

Puig Brands SA, the Spanish owner of the Paco Rabanne and Charlotte Tilbury brands, fell in Madrid after posting lower profit and disappointing makeup sales in its first results since it listed shares in May.

The stock dropped as much as 11.6% to €21.7 per share ($24.1) on Friday, below the level of its initial public offering.

Net income fell 27% to €157 million in the six months to June 30, Barcelona-based Puig said Friday. Revenue rose to €2.2 billion.

Chief Financial Officer Joan Albiol attributed the result to non-recurring items like costs related to listing the company, M&A ...