Premium beauty brand Coty has reported a net revenue increase of 10 percent to $2.22 billion in its Q3 results, with its luxury and professional arms faring the best.
The beauty maker reported its net loss narrowed to $77 million or 10 cents per share as opposed to a loss of $164.2 million the previous year.
CEO Camillo Pane said, “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.”
While the luxury division was driven by strong sales of brands such as Burberry, the consumer arm “continued its uneven performance, but with encouraging signs of stability,” according to Pane.
He continued, “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 stabilising the remaining portfolio including the conclusion of our previously communicated portfolio rationalisation program.
“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.”
The luxury arm’s revenue was up 19 percent to $752.5 million, while the consumer beauty arm rose 3 percent to $1.02 billion. Meanwhile the professional division rose 10 percent to $448.5 million.
Of the geographic regions, North America rose 4 percent to $712.8 million, Europe was up 15 percent to $967.5 million while ALMEA was up 7 percent at $533.4 million.