Shares of Coty Inc. COTY, +9.54% were ahead 0.8% in premarket trading Thursday after the beauty company matched expectations with its latest financial results. The company generated a fiscal fourth-quarter net loss from continuing operations of $286 million, compared with a loss of $221 million a year before. On a per-share basis, Coty lost 34 cents, compared with 29 cents in the year-earlier period. After adjustments, Coty posted a loss of 1 cent a share, whereas it lost 8 cents on the metric a year before. Analysts tracked by FactSet were expecting a 1-cent adjusted loss per share. Revenue climbed to $1.17 billion from $1.06 billion, while analysts were anticipating $1.15 billion. The company highlighted in its release that “CoverGirl’s share performance improved exiting the quarter, driven by the very strong in-market performance of the recently launched Exhibitionist Stretch & Strengthen Mascara and as its temporary supply constraints on key products subsided.” Chief Executive Sue Nabi commented in the release that “[w]hile macro concerns continue to dominate headlines, it’s important to remember that beauty is amongst the most resilient discretionary categories.” Coty shares have gained 18% over the past three months as the S&P 500 SPX, +0.86% has risen roughly 4%.
