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Coty raises its annual forecast thanks to its luxury division

Coty raises its annual forecast thanks to its luxury division

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In a very uncertain environment, Coty will improve its 2021-2022 fiscal year, thanks to its luxury division. The American cosmetics manufacturer has just announced at the same time a better than expected third quarter, ended in March, and better growth prospects for the current financial year.

 

For the full year ending June, Coty now expects EPS (earnings per ordinary share), excluding exceptional items, to be in the range of 23 to 27 cents, compared with 22 to 26 cents previously. The consensus is for 27 cents.

 

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The third quarter allowed the American company to improve its projections. It posted a net profit of 50.3 million dollars, compared with a loss of 18.5 million dollars last year.  Excluding exceptional items, EPS (earnings per ordinary share) rose to 3 cents compared to the consensus of 2 cents. Its sales grew by 15.4% to 1.19 billion dollars. This is more than the 1.15 billion dollars expected by Wall Street.

 

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Featured photo : © Coty

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