Coty lifts full-year guidance
Global beauty company Coty Inc. announced on Wednesday 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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