02.04.16
Coty's sales fell 4% to $1.2 billion in the second quarter ended Dec. 31, 2015. Net income dropped 29% to $89 million in Q2. For the six months, sales fell 1% to $2.3 billion, but net income jumped 57% to nearly $215 million. The results topped analysts' estimates, but more importantly, Coty is on-track in terms of merging and getting the most out of its recent acquisitions, according to Chairman Bart Becht.
"Our efforts right now are all about creating a very healthy platform for Coty to become a strong global leader and challenger in the beauty industry that we aim for it to be. This quarter, we made great progress on that objective, both on the merger and acquisition front and the underlying Coty business side," said Becht.
During the period, Coty "made good progress" on its Bourjois acquisition; Becht said the purchase will be margin accretive to Coty's color business in fiscal 2017. Furthermore, the company has made "excellent progress" to close the P&G specialty beauty business merger in the second half of 2016, having received antitrust approval from the US and among other countries, and the company is actively engaged in discussions with the EU authorities.
More recently, on Feb. 1, Coty completed the acquisition of the Hypermarcas beauty and personal care business. Becht noted that the move strengthens Coty's presence in Brazil and provide an excellent platform to integrate the existing small Coty business and the sizable P&G specialty beauty business in Brazil.
"Our efforts right now are all about creating a very healthy platform for Coty to become a strong global leader and challenger in the beauty industry that we aim for it to be. This quarter, we made great progress on that objective, both on the merger and acquisition front and the underlying Coty business side," said Becht.
During the period, Coty "made good progress" on its Bourjois acquisition; Becht said the purchase will be margin accretive to Coty's color business in fiscal 2017. Furthermore, the company has made "excellent progress" to close the P&G specialty beauty business merger in the second half of 2016, having received antitrust approval from the US and among other countries, and the company is actively engaged in discussions with the EU authorities.
More recently, on Feb. 1, Coty completed the acquisition of the Hypermarcas beauty and personal care business. Becht noted that the move strengthens Coty's presence in Brazil and provide an excellent platform to integrate the existing small Coty business and the sizable P&G specialty beauty business in Brazil.