Coty lifts full-year guidance
Global beauty company Coty Inc. announced on March 15 an update on its financial progress and guidance for fiscal 2023, as well as future growth opportunities.
The New York-based company said its third-quarter sales growth is currently tracking at up 10% like-for-like, reflecting an increase from the 7% like-for-like sales growth in the second quarter.
In light of the double-digit growth, Coty said it now expects its full-year 2023 sales growth to be at the upper end of its prior guidance of 6-8%. The company said it intends to "reinvest incremental profit into its critical skincare initiatives and recent launches like Lancaster Ligne Princiere and the new Burberry and Gucci foundations," according to a press release.
For fiscal 2022, Coty said at the time of reporting in August last year that total revenues for the 12 months surged 12% to $5.3 billion, up 15% on a reported basis, and 16% like-for-like.
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