Why Coty Stock Rocketed Higher This Week
Shares of Coty (NYSE: COTY) traded sharply higher over the last week following the company's fiscal fourth-quarter earnings report. Week to date, the stock was up 21.4% at 1:42 p.m. EDT on Thursday.
In fiscal Q4, revenue grew 90% year over year to reach $1.06 billion, although the increase was against a weak year-ago quarter when sales fell 60% to $560 million. Revenue improved sequentially over the fiscal third-quarter's $1.027 billion. Although the company still reported an adjusted loss of $0.09 per share, investors were encouraged by the progress they are seeing in management's turnaround plan.
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Source Fool.com
