Coty Inc. posted a sales uptick for its third fiscal quarter.
For the quarter, net sales gained 9.4 percent to $2.22 billion year-over-year. The company posted a smaller net loss, $77 million, from $164.2 million in the year-ago period.
“Our results were generally in line with our expectations, as we delivered steady performance with modest positive organic top-line growth and healthy adjusted operating profit improvement,” said Coty chief executive officer Camillo Pane. “The Luxury division continued to deliver very strong results, while our Professional Beauty division once again demonstrated consistent solid growth. The Consumer Beauty division continued its uneven performance, but with encouraging signs of stability.
“We continued to reshape our growth profile by strengthening our iconic global brands, supported by recent relaunches. We are also fueling smaller brands with high growth potential and stabilizing the remaining portfolio including the conclusion of our previously communicated portfolio rationalization program,” Pane continued. “This streamlining of our portfolio is an important milestone that will allow us to focus on those brands where we believe we are particularly suited to drive long-term revenue growth.”