Coty: revenues up but profits down in second quarter

The American beauty specialist has just unveiled its second-quarter results for the 2023-24 financial year. Revenues were up 13% on 2022, but net income was down.

 

On February 7, Coty published its activity report for the second quarter of fiscal 2024, ending December 31, 2023.

 

And the American multinational, specializing in beauty and skincare products, exceeded Wall Street expectations. After joining the Paris Bourse at the end of September 2023, the group, already present on the New York Stock Exchange, is now doubly listed.

 

Coty reported adjusted earnings per share of 25 cents, beating analysts’ estimates of 20 cents on average.

 

For the second quarter of 2024, Coty reported net revenues up +13% to $1.727 billion. Nevertheless, the Group recorded a sharp drop in net profit (-50%) to $117.6 million. This poor performance was partly due to Coty’s investment in Wella, recorded in the same period of the previous year. Despite this decline, the cosmetics giant saw its adjusted Ebitda rise by 15% to $366.4 million.

 

International development

 



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Read also > Coty aims to strengthen its presence in the Indian beauty market – Luxus Plus (luxus-plus.com)

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Lhou Lagrange
Curious and dynamic, Lhou Lagrange is constantly in search of new adventures. She is primarily interested in new technologies, social sciences, and geopolitics to decipher societal trends and stay agile. With a versatile soul, she combines her knowledge and skills to serve her young pen.

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