THE WHAT? Coty has announced its results for the final quarter and full year of fiscal 2022. The company saw sales rise 10 percent (as reported) in the three months ended June 30, 2022, compared to the same period in 2021, beating expectations.
THE DETAILS Sales growth for the year stood at 15 percent (as reported), driven by strong and consistent momentum in both divisions, with Prestige growing 20 percent and Consumer Beuaty putting on a respectable 7 percent.
Revenue growth was fuelled by double-digit growth across almost all EMEA markets as well as in the Travel Retail channel, where sales doubled. Brazil and the US were also singled out for their market-beating performances.
THE WHY? Sue Y. Nabi, Coty’s CEO, commented, “Today marks the end of another successful year at Coty as we continued to make significant progress strategically, operationally, and financially. We have also demonstrated the sustainability of Coty’s turnaround in the business by delivering eight consecutive quarters of results in-line to ahead of expectations. While the external environment became increasingly complex through the year, Coty proved resilient through operational excellence that enabled us to surpass our guidance and deliver double-digit sales and EBITDA growth. We have generated sales growth in both Q4 and FY22 that is well above the underlying beauty market and among the best in our competitive set.
While macro concerns continue to dominate headlines, it’s important to remember that beauty is amongst the most resilient discretionary categories. It is upon us and our peers to inspire consumers and create new demand through innovative products, new looks, and disruptive campaigns. We therefore remain committed to protecting our media investments going forward. In this context, Coty’s presence in both premiumized mass beauty and prestige beauty is a crucial asset in the current macroeconomic environment.”