Beauty giant Coty Inc reported its biggest rise in quarterly sales since going public in 2013, helped by a rebound in demand for its perfumes including licensed brands such as Marc Jacobs and Calvin Klein.
Sales in the company’s perfume business rose nearly 2 percent to $422.2 million, their first rise in two years, as demand picked up in the Americas and Asia-Pacific regions. The business accounted for nearly half of its total sales.
Coty, which said it was on track to close its $13 billion acquisition of Procter & Gamble’s beauty portfolio in October, said total net revenue rose 5.5 percent to $1.08 billion in the fourth quarter ended June 30.
Sales were also boosted by the acquisition of the beauty care unit of Brazilian consumer goods company Hypermarcas SA’s last year.
Net loss attributable to Coty was $31 million, or 9 cents per share, in the quarter. The company had posted a profit of $21 million, or 5 cents per share, a year earlier, helped by a one-time tax benefit.
Excluding items, the company earned 13 cents per share. Analysts on average had expected a profit of 6 cents per share and revenue of $1.05 billion, according to Thomson Reuters I/B/E/S.
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