: Coty raises its fiscal 2022 profit guidance ahead of Investor Day, to divest rest of Wella by FY25 #FinanceUSA #StockMarketNEWS Coty Inc. outlined near and longer-term targets Thursday ahead of an
@stockMarketNEWS 9 Days ago
Coty raises its fiscal 2022 profit guidance ahead of Investor Day, to divest rest of Wella by FY25 #FinanceUSA #StockMarketNEWS
Coty Inc. outlined near and longer-term targets Thursday ahead of an Investor Day to be held at the New York Stock Exchange, and raised its adjusted per-share earnings guidance for fiscal 2022 to a range of 20 cents to 24 cents, up from prior guidance of 19 cents to 23 cents. "Coty has reclaimed its position as a true beauty powerhouse," Chief Executive Sue Y. Nabi said in a statement. "We expect to outperform the beauty market through FY25 and beyond." The company's strategic priorities include stabilizing the consumer beauty business, accelerating luxury fragrances and building a presence in prestige makeup, building a skincare portfolio, enhancing e-commerce and direct-to-consumer capabilities, expanding in China and becoming a leader in sustainability. Financial targets include growing revenue 6% to 8% annually through fiscal 2025 and beyond, outperforming expected beauty market growth of 3% to 5%. The company expects its adjusted EPS to grow at a compound annual growth rate of more than 30% through the period, with mid to high teens percentage growth after that. The company is also planning to divest its remaining 26% in hair care company Wella by fiscal 2025 to bolster its balance sheet. Shares were up 0.8% premarket and have gained 54% in the year to date, while the S&P 500 has gained 25%.