Multinational beauty company Coty has generated net revenues of $5.55bn in fiscal year (FY) 2023, an increase of 5% from FY22.

The company’s core like-for-like (LFL) revenue grew 12%, driven by core LFL growth of 13% and 11% in Prestige and Consumer Beauty.

The gross margin of Coty grew slightly from 63.5% in FY22 to 63.9% in FY22 due to pricing execution and supply chain productivity.

The company reported operating income of $543.7m and net income of $495.0m over the fiscal.

Its FY23 reported earnings per share (EPS) were $0.57, up from $0.07 in the prior year.

Coty CEO Sue Nabi said: "Today's FY23 results mark the third consecutive year that Coty has delivered strong financial, operational and strategic performance and the twelfth consecutive quarter of results in line to ahead of expectations.

“We are incredibly proud of the focus and agility that we see across the whole Coty organisation as we continue to amplify our strengths, adjust to evolving market conditions and capture new opportunities, all of which has enabled us to deliver results, which are again amongst the best in our competitive set.”

In the fourth quarter of FY23, Coty reported net revenues of $1.35bn, up 16% compared to the corresponding period in fiscal 2022.

During the quarter ending 30 June, Coty’s LFL revenue increased by 17%, driven by a 21% LFL growth in Prestige and a 10% increase in Consumer Beauty.

The company’s gross margin was 62.9%, up from 61.8% in the prior-year period.

Coty reported an operating income of $129.0m in Q2 FY23, compared to an operating loss of $77.4m a year ago. Its net income was $29.6m over the quarter against a net loss of $286.0m in Q2 FY22.

Its EPS improved to $0.03 in Q4 FY23 from a loss per share of $0.34 in the prior year.