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Markets News

Coty beats estimates for quarterly revenue on online strength

Nov 6 (Reuters) - Coty Inc reported better-than-expected quarterly revenue on Friday, as shoppers staying at home due to the COVID-19 pandemic bought more of its beauty products online.

Net income attributable to the company rose to $221.4 million, or 24 cents per share, in the first quarter ended Sept. 30, from $52.3 million, or 7 cents per share, a year earlier.

Net revenue fell about 13% to $1.69 billion. Analysts on average were expecting $1.08 billion, Refinitiv IBES data showed.

“We have seen double-to-triple digit e-commerce sell-out growth across most markets, with our e-commerce penetration as a percentage of our overall sales doubling to 13%,” Chief Executive Officer Sue Nabi said in a statement. (Reporting by Praveen Paramasivam and Aditi Sebastian in Bengaluru; Editing by Aditya Soni)

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