- Coty Inc COTY reported third-quarter FY22 sales growth of 15% year-on-year to $1.19 billion, beating the consensus of $1.15 billion.
- The increase in sales was driven by the continued recovery in many EMEA markets, a strong rebound in Travel Retail, and momentum in U.S. E-commerce.
- Like-For-Like (LFL) revenue increased 19%, driven by a 25% increase in Prestige and a 10% increase in Consumer Beauty.
- Revenue in the Americas rose 17% Y/Y, EMEA increased 16%, and Asia-Pacific grew 9%.
- The gross margin expanded 240 basis points Y/Y to 64.3%, and the gross profit rose 20% to $763.1 million.
- The adjusted operating margin was 9.6%, and the adjusted operating income for the quarter was $113.6 million.
- Adjusted EBITDA of $182.5 million decreased 0.5% Y/Y, resulting in an adjusted EBITDA margin of 15.4%, a 240 basis points decrease Y/Y.
- Adjusted EPS of $0.03 beat the analyst consensus of $0.01.
- Cash from operating activities totaled $24.8 million. The company held $668.6 million in cash and equivalents as of March 31, 2022.
- Outlook: Coty sees FY22 Like For Like sales to be at the upper end of its guidance range of low-to-mid teens percentage growth.
- The company continues to expect FY22 adjusted EBITDA of $900 million.
- Coty raised the FY22 adjusted EPS outlook to $0.23 - $0.27 from $0.22 - $0.26 against the consensus of $0.27.
- It expects a headwind of about 4%-5% to its reported sales in Q4.
- Price Action: COTY shares are trading higher by 2.61% at $7.47 in premarket on the last check Monday.
COTYCoty Inc
$5.67-0.34%
Edge Rankings
Momentum9.54
Growth96.75
Quality-
Value0.73
Price Trend
Short
Medium
Long
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