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SaltWire's Atlantic regional weather forecast for November 7, 2023 | SaltWire - Coty on Tuesday raised its annual core sales forecast on the back of higher pricing and strong demand from customers who snapped up the CoverGirl maker's new makeup and fragrance launches.
Coty also posted sales growth in the Americas and Europe similar to beauty company L'Oreal, that noted an acceleration in growth in these regions after an initial slowdown. "We are not seeing any depressed category ... prestige fragrance in U.S. keeps growing very fast," CFO Laurent Mercier told Reuters, adding that Gen Z was active and driving growth in the consumer beauty segment.
The company's first-quarter net revenue rose 18% to $1.64 billion, beating estimates of $1.58 billion, according to LSEG data.
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