COTY - Coty raises Q4 and FY2023 outlook ahead of its investor event in Paris

2023-07-06 04:48:04 ET

Coty ( NYSE: COTY ) will hold its first-ever investor event in Paris today at 8 a.m. ET to highlight the company's appealing outlook to the European investment community.

The event follows Coty’s recently announced intention to explore a dual listing on Paris Euronext.

The company increased its 4Q23 revenue growth estimates to +12%-15% on a like-for-like basis, exceeding its earlier forecast of +10% growth, due to strong momentum in Prestige and a rebound in the China market.

It now expects core revenue growth of 10%-11% on a like-for-like (LFL) basis in FY2023, excluding the impact of the Russia exit, up from its earlier forecast of 9%-10% LFL growth.

Coty also raised its FY2023 adjusted EBITDA expectation to $965M-$970M, above its previous forecast of $955M-$965M, despite incurring about $70M in negative FX effect, including more than $10M in Q4 FY23.

Capitalising on robust demand growth and solid market positioning, the company retains a target leverage of 3x by the end of CY23 and approximately 2x by the end of CY25.

Sue Nabi, Chief Executive Officer of Coty, said: "By combining our robust operational and financial performance and diverse team of beauty experts, we are accelerating our position as a global leader in fragrances and cosmetics. Together, we are realizing significant untapped potential in areas such as ultra-premium skincare, ultra premium scenting, China, Brazil, and Travel Retail. Uniting our beauty heritage, rooted in Paris, with cutting edge innovation and science, we will continue to create long-term value for our stakeholders.”

Coty shares, which are up 0.32% in premarket trading, have increased by more than 42% this year.

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