Beauty Brand Coty Reports 9.4% Rise In Quarterly Revenue
Beauty products maker Coty Inc reported a 9.4% rise in quarterly revenue, driven by strong demand for Burberry Beauty, as well as for makeup brand Younique.
Net loss attributable to Coty Inc narrowed to $77 million or 10 cents per share, in the third quarter ended March 31 from a loss of $164.2 million or 22 cents per share, a year earlier.
Net revenue rose to $2.22 billion from $2.03 billion.
"Our results were generally in line with our expectations, as we delivered steady performance with modest positive organic top line growth and healthy adjusted operating profit improvement," commented Camillo Pane, Coty chief executive.
Pane noted that the group's Luxury division "continued to deliver very strong results", while its Professional Beauty arm "once again demonstrated consistent solid growth".
The Consumer Beauty division, meanwhile, "continued its uneven performance, but with encouraging signs of stability", Pane added.
"We continued to reshape our growth profile by strengthening our iconic global brands, supported by recent relaunches. We are also fueling smaller brands with high growth potential and stabilising the remaining portfolio including the conclusion of our previously communicated portfolio rationalisation program.
"This streamlining of our portfolio is an important milestone that will allow us to focus on those brands where we believe we are particularly suited to drive long term revenue growth."