On September 20th, Coty announced an increase in its performance expectations for the first half and full year of fiscal year 2024. It is worth noting that this is the fourth time Coty has raised its performance expectations since February of this year.
Coty stated that in the four weeks since the release of its latest quarterly financial report, there has been strong demand for beauty products in key markets and categories, particularly with the success of the luxury fragrance Burberry Goddess, which has set new market records. As a result, Coty now expects a year-on-year growth of 10%-12% in core sales for the first half of fiscal year 2024, surpassing the previous forecast of 8%-10% growth. They also anticipate a year-on-year growth of 8%-10% in core sales for the full fiscal year 2024, higher than the previous expectation of 6%-8% growth.
Meanwhile, Coty has adjusted its forecast for adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) from the previous range of $1.07 billion to $1.08 billion to approximately $1.08 billion to $1.09 billion.
Coty CEO Sue Nabi stated, “The success of Burberry Goddess demonstrates that Coty is the go-to choice for creating successful fragrances and conducting unique marketing activities. Over the past three years, we have not only strengthened the foundation of Coty but also enhanced our organizational capabilities across various categories. We will enter the next growth phase with first-class innovation and marketing capabilities.”