Coty reports first sales rise in six quarters | Progresiv

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 950.7 million dollars, although it swung to a net loss of 26.8 million dollars (compared to a profit of 75.5 million dollars 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 1.2 billion dollars of one-time costs, up from 500 million estimated in July 2015. However, it also said it will cut 780 million dollars in costs over four years, up from the 550 million dollars over three years it had outlined. (www.kamcity.com)