: Coty sees strong sales growth in current quarter, provides upbeat full-year outlook

Coty Inc. COTY provided an upbeat outlook for full-year sales on a like-for-like (LFL) basis, which is comparable to same-store sales, as the beauty company said it was seeing strong growth in its fiscal third quarter. The company, which is presenting at the Bank of America Consumer & Retail conference, said fiscal third-quarter core LFL sales growth was tracking at more than 10%, which compares with the average estimate of two analysts surveyed by FactSet of 4.4%. Coty said it now expects fiscal 2023 LFL sales growth to be at the upper end of its previously provided guidance range of 6% to 8%, compared with the current FactSet consensus of 5.8%. The company reiterated its fiscal 2023 outlook for adjusted earnings per share of 35 cents to 36 cents, while the FactSet consensus is 37 cents. The stock, which slipped 0.5% in premarket trading, has soared 38.6% over the past three months through Tuesday while the S&P 500 SPX has ticked up 0.6%.

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