Coty Inc. stock CoTY, +0.08% jumped 1.1% in premarket trading on Tuesday after the company reported better-than expected earnings for its third fiscal quarter. Coty, based in New York, had a net income of $105.1m, or 12c per share, during the quarter ending March 31. This was up from $50.3m, or 6c per share, the previous year. The adjusted earnings per share came in at 19 cents, which was higher than the FactSet consensus of 3 cents. The revenue rose from $1.186 to $1.289, which was also higher than the $1.226 billion FactSet Consensus. The demand for prestige scents and retailer replenishment drove revenue. The company stated that “During the quarter consumer demand for premium fragrances increased to mid-teens, from the previously strong high-single digit growth.” This highlights the structural changes in consumers’ behavior, which are driving growth in category penetration and increasing consumer usage. The company now expects fiscal 2023 revenues, adjusted for Russia’s exit. The company’s revenue is expected to increase from 5% to 8% to 9% to 10% on a comparable basis. This is an improvement over the previous guidance. The stock is up 41% year-to-date, while S&P 500 SPX, +0.05% is up 8%.