COTY - Coty Benefits From Strong Demand In Beauty Market; Q1 Revenue Grows 18% | Benzinga
Coty Inc (NYSE: COTY) reported first-quarter FY24 sales growth of 18% year-on-year to $1.64 billion, beating the analyst consensus estimate of $1.58 billion.
The sales increase was fueled by double-digit percentage LFL growth in both Prestige and Consumer Beauty.
LFL revenue increased 18%, driven by a 22% LFL increase in Prestige and a 10% LFL increase in Consumer Beauty.
Revenue in the Americas rose 17% Y/Y, and EMEA increased 20%. Gross margin contracted 40 basis points Y/Y to 63.5%, and the gross profit increased 17.2% to $1.04 billion.
Adjusted operating margin was 18.4%, and the adjusted operating income increased 21% to $302.2 million.
Adjusted EBITDA of $360.3 million climbed 17% Y/Y, resulting in an adjusted EBITDA margin ...