Coty significantly increased its fourth quarter sales increase to 15% from an expected 12%.
Today (July 6), Coty held its first investor event in Paris. At the event, it announced an increase in its fourth quarter and full-year fiscal year 2023 earnings estimates.
According to Coty, the Group significantly increases its fourth quarter sales increase from the expected 12% to 15% on a like-for-like (LFL) basis, up from the previous +10% growth estimate. Based on this, Coty is raising its FY23 guidance for the third time this year and now expects FY23 adjusted EBITDA of $965 million to $970 million, compared to the previous estimate of $955 million to $965 million, despite a negative impact of $70 million due to foreign exchange.
The announcement comes on the heels of Coty’s dual listing on Euronext Paris, which also trades on the New York Stock Exchange.
Sue Nabi, Chief Executive Officer of Coty, said: “Throughout its history, the U.S. and Europe have been Coty’s centers of gravity and our exploration of a dual listing in Paris is a natural next step. Since Coty invented modern perfumery over 120-years ago in Paris, this heritage and consistent innovations have cemented our position as a Global Beauty Powerhouse.”
Sue Nabi added that Coty will tap into the huge potential of high-end skincare, high-end fragrances in China, Brazil and travel retail, among other areas.
Two months ago, Coty showcased its ambitions for ultra-premium skincare and scenting at a highly exclusive event in Grasse, announcing the launch of Orveda Omnipotence Sérum and Infiniment Coty Paris fragrance lines.
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