Coty Inc has reported a strong set of results for its fiscal fourth quarter, which included its biggest rise in quarterly sales since its IPO in 2013.
For the three months to 30 June, the company reported a net loss of $31m, compared to last year’s $21m profit, when it was helped by a one-off gain. Revenue, however, rose by 5.5% to $1.08bn, helped in part by a 2% rise in its perfume basis (the first such growth in two years).
Coty also said it remains on track to complete its $13bn acquisition of Procter & Gamble’s beauty portfolio in October 2016. CEO Bart Becht said the group will divest some of those brands, adding: “The very strong focus that we will have in the new organisation behind few categories and channels of distribution will help us to be more competitive in the market place”.
Looking ahead, it said it expects revenue growth to improve in the second half of fiscal 2017 (on a constant-currency basis).