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Coty Beats Q1 Estimates on Prestige Demand

Coty reported stronger than expected first quarter sales and profit driven by demand for prestige brands. However the company forecast mixed second quarter earnings due to rising costs.

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Covergirl makeup, owned by Coty Inc., is seen for sale in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly

COTY INC-CL A beat first-quarter sales and profit estimates on Wednesday, driven by strength in key prestige brands including Marc Jacobs, Hugo Boss, and Burberry.