Coty Inc. provided revenue guidance for the fourth quarter and fiscal year 2024. The company now expects fiscal year 2024 LFL revenue growth to be at the high end of its prior guidance range of +9-11%, which includes expectations for low-to-mid single-digit percentage LFL revenue growth in fourth quarter reflecting an estimated mid-single-digit percentage headwind in its Prestige business from difficult prior year comparisons, when retailers restocked inventory as Coty's fragrance service levels recovered from earlier shortages.

Reported revenues in fourth quarter are expected to include a 1-2% headwind from FX and an approximately 2% scope headwind from the divestiture of the Lacoste license. At the same time, the strong continued sell-out in Coty's business supports expected LFL revenue growth acceleration sequentially into first half fiscal year 2025 from the levels expected in fourth quarter.