Coty raises full-year outlook after "strong" fragrance demand
Coty has raised its full-year outlook following"strong" demand across its key markets and categories, particularly in prestige fragrance.
The beauty group now expects like-for-like sales growth of 8-10%, up from its previous guidance of 6-8%.
It also anticipates like-for-like sales growth of 10-12% in the first half, an increase from its earlier outlook of 8-10%.
The launch of Burberry's Goddess fragrance has driven the improved outlook, Coty said, "setting new market records and reinforcing the group's position as a fragrance leader".
Sue Nabi, CEO at Coty, added: "The success of Burberry Goddess confirms that Coty is the go-to destination to create winning fragrances and execute unique and disruptive campaigns.
"Having spent the past three years strengthening Coty’s fundamentals and elevating its organisational capabilities across our categories, we enter the next phase of growth with best-in-class innovation and marketing power."
The group continues to target modest gross margin expansion in FY24 and 10-30 bps of adjusted EBITDA margin expansion, implying adjusted EBITDA of approximately £873-881 million ($1,075-1,085 million) at current FX rates.