Coty (NYSE:COTY) has raised its adjusted EBITDA guidance for the full year, pushing the numbers above the consensus.
Citing strong business momentum, the beauty company now expects adjusted EBITDA to be in the range of $1.075 billion to $1.085 billion, up from the previous range of $1.065B to $1.075B, while analysts were looking for $1.07B.
Coty shares 4.1% on the news.
The company is now anticipating core like-for-like (LFL) sales growth of +10-12% in the first half of FY24, which represents an increase from its earlier outlook of +8-10%.
“The success of Burberry Goddess across key markets confirms that Coty is the go-to destination to create top quality winning fragrances and execute unique and disruptive campaigns. Having spent the past three years strengthening Coty’s fundamentals and elevating Coty’s organizational capabilities across our categories, we enter the next phase of growth with best-in-class innovation and marketing power,” Sue Nabi, Chief Executive Officer of Coty, said.
Furthermore, the company has raised its FY24 core LFL sales growth outlook to +8-10%, up from its previous guidance to be at the top end of its medium-term target range of +6-8%.