Coty beats Q3 revenue estimates, eyes high-end of annual targets on strong demand [Reuters]
Procter & Gamble Company (The) (PG)
Last procter & gamble company (the) earnings: 4/17 07:00 am
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Source: Reuters
May 6 (Reuters) - Beauty company Coty beat Wall Street expectations for third-quarter revenue on Monday and said it expects to achieve the high end of its annual targets, riding on steady global demand for its luxury and mass-market products. The CoverGirl parent has been investing heavily in new product launches and collaborations with influencers and e-retail partners to drive demand at a time when higher prices of necessities force customers to rethink luxurious purchases. Coty's third-quarter e-commerce revenue growth was nearly 20%, helped by new launches such as Cosmic Kylie Jenner and Marc Jacobs Daisy. Like-for-like sales in Coty's prestige segment, which houses brands such as Burberry and Gucci, were up 13% and the consumer beauty segment, home to Rimmel and CoverGirl, saw a 6% jump. European rival L'Oreal , which a rise in first-quarter like-for-like sales on the back of strong demand for mass market and dermatological products, had flagged weakness in the luxury se
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- 4/19/24 - Beat
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Sec Filings
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