Coty’s stock jumps premarket after company raises fiscal 2024 guidance to reflect strength in prestige fragrances

Coty Inc.’s stock COTY, -1.04% jumped 4.6% in premarket trade Wednesday, after the beauty, cosmetics and fragrance giant raised guidance for fiscal 2024, boosted by strength in its prestige fragrance business. “Since providing its guidance on its FY23 earnings call four weeks ago, Coty has seen strong momentum in beauty demand across its key markets and categories, particularly in prestige fragrances,” the company said in a statement.

Coty is now expecting first-half like-for-like sales to rise 10% to 12%, up from prior guidance of up 8% to 10%. For the full year, it now expects LFL sales growth of 8% to 10%, up from a prior range of 6% to 8%.

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