COTY - Why Beauty Company Coty's Shares Are Gaining Today | Benzinga
Coty Inc (NYSE:COTY) shares are trading higher after the company reported third-quarter FY24 sales growth of 8% year-on-year to $1.386 billion, beating the analyst consensus estimate of $1.371 billion.
The sales increase was supported by high-single-digit percentage growth in all regions. LFL revenue increased 10%, supported by growth in fragrances, color cosmetics, skin care and body care. Prestige net revenues increased 8% and that of Consumer Beauty gained 6%.
Revenue in the Americas rose 8% Y/Y, and EMEA increased 7%. Gross margin expanded 190 basis points Y/Y to 64.8%, and the gross profit increased 10.7% to $897.8 million.
Adjusted operating margin was 10.4%, and the ...