Coty Inc (NYSE:COTY) is likely to show a continued improvement in its financial performance when it releases fourth-quarter and full-year 2023 financial results before the opening bell on Tuesday, August 22.
According to the Zacks Consensus Estimate, the American-French multinational beauty company will report sales of $1.32 billion for the quarter ended June 30, 2023, up 13.4% from a year earlier.
That would take full-year sales 4.2% higher to $5.5 billion.
Earnings per share are expected to have recovered to $0.02 from a loss of $0.01 in 4Q 2022, per the consensus of nine analysts tracked by Zacks Investment Research.
The company has been benefiting from its focus on six strategic pillars of sustainable growth, including stabilizing Consumer Beauty brands, strengthening e-commerce and establishing a solid skincare portfolio, according to Zacks.
Additionally, it has been undertaking several strategic partnerships to enhance its brand portfolio.
Ahead of the release of its 3Q results in May, the company raised its guidance for the year to include like-for-like revenue growth of over 10% due to accelerating demand for prestige fragrances, retailer restocking and Coty initiatives.
It said it continued to expect modest gross margin expansion in 4Q and FY23, despite the elevated inflationary environment, aided by savings as well as solid pricing execution.
Contact the author at stephen.gunnion@proactiveinvestors.com