THE WHAT? Coty has reported a 3 percent Q2 net revenue fall to US$1,52 billion, however, innovations in its prestige fragrance offering were said to have helped the company beat Wall Street forecasts.
THE DETAILS Luxe fragrances such as Burberry Hero Eau du Parfum and Gucci Flora Gorgeous Jasmine delivered strong performances in the quarter, while demand remained strong in China and travel retail thanks to the easing of lockdowns.
Per sector, prestige net revenues decreased by 5 percent to US$957.7 million, including SKKN by Kim, Kylie Cosmetics and Gucci Beauty, while consumer beauty net sales fell 1 percent to US$565.9 million.
Net income was up YOY to US$235 million from US$188.9 million.
THE WHY? Chief Executive Office Sue Y. Nabi said: “The ‘fragrance index’ remains at full force, as consumers turn to fragrances as mood-boosting and affordable luxuries in an uncertain environment.”
The post Scent appeal: Coty Q2 net revenue falls but results beat Wall Street forecasts as fragrance come out on top appeared first on Global Cosmetics News.