US: Coty Reports First Sales Rise In Six Quarters

Coty Inc has reported a modest rise in revenue for its fiscal third quarter, marking the first such growth in six quarters.

For the three months to 31 March, revenue was up 1.8% to $950.7m, although it swung to a net loss of $26.8m (compared to a profit of $75.5m last year).  The group said was helped by increased demand for colour cosmetics, such as its Rimmel range.

Coty also said it now expects higher costs related to its acquisition of 40 P&G beauty brands, citing $1.2bn of one-time costs, up from $500m estimated in July 2015.  However, it also said it will cut $780m in costs over four years, up from the $550m over three years it had outlined.