11.06.14
Coty Inc. posted financial results for the first quarter of fiscal year 2015, ended Sept. 30, 2014. Net revenues increased 1% to $1.2 billion.
Commenting on the company's performance, Bart Becht, chairman and interim CEO, said,"Q1 was a quarter of good strategic progress but mixed financial results. Our strategy of focusing on our power brands showed signs of progress, as power brands' revenues grew mid-single digits due to exciting innovations like Sally Hansen Miracle Gel or Marc Jacobs Daisy Dream as well as higher support levels. While power brands, accounting for over 70% of revenues, showed strong growth, total company growth was just 1% on a like-for-like basis due to revenue declines on the balance of our portfolio. While adjusted operating profits for the quarter were lower primarily due to higher power brand support levels, adjusted EPS was flat due to a lower tax rate compared to the prior year and the benefits from our Share Repurchase Program.
“As we look forward, we are targeting to gradually return Coty to profitable growth. To that end we will remain firmly focused on growing our power brands around the world behind innovation, strong support levels and improving market execution. This, combined with our $200 million Global Efficiency Plan, should help us make progress against the target over time.”
Coty recently made a bid for beauty brand Bourjois, as previously reported in Happi.
Commenting on the company's performance, Bart Becht, chairman and interim CEO, said,"Q1 was a quarter of good strategic progress but mixed financial results. Our strategy of focusing on our power brands showed signs of progress, as power brands' revenues grew mid-single digits due to exciting innovations like Sally Hansen Miracle Gel or Marc Jacobs Daisy Dream as well as higher support levels. While power brands, accounting for over 70% of revenues, showed strong growth, total company growth was just 1% on a like-for-like basis due to revenue declines on the balance of our portfolio. While adjusted operating profits for the quarter were lower primarily due to higher power brand support levels, adjusted EPS was flat due to a lower tax rate compared to the prior year and the benefits from our Share Repurchase Program.
“As we look forward, we are targeting to gradually return Coty to profitable growth. To that end we will remain firmly focused on growing our power brands around the world behind innovation, strong support levels and improving market execution. This, combined with our $200 million Global Efficiency Plan, should help us make progress against the target over time.”
Coty recently made a bid for beauty brand Bourjois, as previously reported in Happi.