Coty Inc.
COTY,
posted weaker-than-expected profit for its fiscal fourth quarter on Tuesday, but revenue topped estimates as demand proved resilient despite the inflationary backdrop . The beauty and makeup company had net income of $29.6 million, or 3 cents a share, for the quarter to June 30, after a loss of $286.0 million. or 34 cents a share, in the year-earlier period. Adjusted per-share earnings came to 1 cent, below the 2 cent FactSet consensus. Revenue rose 16% to $1.352 billion, ahead of the $1.307 billion FactSet consensus. “In the midst of on-going macroeconomic uncertainty, beauty demand remains resilient across our key categories and geographies, with no signs of tradedown, while the ‘fragrance index’ we have been discussing for over a year shows no sign of slowing,” CEO Sue Y. Nabi said in a statement. Coty is now expecting fiscal 2024 core business to grow at the top end of its medium0term target range of 6% to 8% in like-for-like, or lfl. The stock was up 1.9% premarket and has gained 28% in the year to date, while the S&P 500
SPX,
has gained 14.8%.
