Coty swung to a net income in the fiscal first quarter, reflecting lower impact from the equity swap this year and a US$24 million discrete one-time non-cash tax impact last year.
The beauty company’s attributable net income stood at $79.6 million, while net revenue rose 2 per cent to $1.67 billion. Like-for-like revenue growth was 4.5 per cent.
By region, the Americas revenue fell 2 per cent to $693.5 million, while Asia Pacific revenue dipped 5 per cent to $190.2 million. EMEA revenue grew 8 per cent to $787.7 million.
By brand, the prestige segment’s net revenue increased 5 per cent to $1.11 billion, while consumer beauty declined 3 per cent to $557.4 million.
“As we enter FY25, the macroeconomic environment remains as complex as ever, and the outsized growth of the last few years is now entering the normalization phase,” said Sue Nabi, Coty CEO.
“As a beauty leader, and increasingly as a beauty trendsetter, Coty remains at the forefront of fueling consumer desire and driving category growth through disruptive launches, new and improved formulations, and engaging activations and campaigns.”
For the fiscal first half, Coty forecasts like-for-like sales growth of 3 per cent to 4 per cent as slower end demand and significant channel shifts in US mass beauty and in Asia continue to weigh on order levels into the fiscal second quarter.
