Coty Q3 2024: Sales beat expectations, up 10 percent LFL
THE WHAT? Coty has announced its results for the third quarter of fiscal 2024. The US beauty manufacturer said its performance was in-line to ahead of expectations with strong above-market sales growth, reported and adjusted operating income growth and gross and operating margin expansion.
THE DETAILS Indeed, in the three months to March 31, 2024, net revenues rose 8 percent on a reported basis (+10 percent LFL). Both the Prestige and Consumer units reported net revenue growth and revenue increased across all regions and in each of its Core categories, Coty said.
THE WHY? Sue Nabi, Coty’s CEO, reveals, “Our Q3 results reinforce Coty’s established track record of delivering results ahead of the beauty market and ahead of expectations, and once again illustrate that we are executing on our imperative to drive balanced portfolio growth. In both Q3 and fiscal year-to-date, we delivered strong growth in both the Prestige and Consumer Beauty businesses, in each of our three regions, and in our core categories of fragrances, color cosmetics, skin care and body care, all supported by a broad range of our leading brands.
“Coty’s global and multi-category presence is proving to be a key area of strength and differentiation, as subdued trends in a very few markets and subcategories, such as U.S. mass cosmetics, are more than offset by continued strong momentum in the majority of our core business areas, including global prestige and mass fragrances, where our business grew by a low-double-digit percentage, and prestige cosmetics, where our sales grew over 20 percent.”
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