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    Breaking News

    Coty Regains Financial Footing in Q4 Following Initial Waves of Covid-19 Pandemic

    The multinational beauty company’s Q4 sales nearly double year over year.

    Coty Regains Financial Footing in Q4 Following Initial Waves of Covid-19 Pandemic
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    08.26.21
    Multinational beauty company Coty shows substantial growth in its Q4 2021 results: its net revenue increased by 89.6%. Sales were $1.062 billion this year compared to its earnings of $560 million last year. The beauty company’s net revenue for fiscal year 2021 was $4.63 billion and $4.71 billion the previous year.
     
    “Today marks the completion of transfor¬mational year for Coty, as we advance on our journey in strengthening Coty's position as a global beauty powerhouse. Over the last 12 months, we have built a leadership team of beauty and transformation experts, unveiled and began executing on our multi-year strategy, completed the divestiture Wella, significantly improved our leverage profile, and over-delivered on our savings, revenue, and profit objectives. We have ended the year on a high note, with Q4 sales nearly doubling year over year,” said Sue Y. Nabi, Coty's CEO. “Sales in the Americas expanded in FY21, and we saw particular strength in the U.S. and China. This a true testament not only to the strength of our prestige brand portfolio, but also to our innovation capabilities, with Marc Jacobs Perfect the best performing U.S. fragrance launch in the industry over the last three years, Gucci Guilty Pour Homme and Burberry Her driving market share gains for the beauty brands, and Chloe Atelier des Fleurs solidifying its position as a leading ultra-premium artisanal fragrance collection.”
     
    Nabi added that Coty is reaching its goal of becoming a key player in prestige cosmetics and strengthening its skincare portfolio. She said Coty aims to capitalize on Gucci and Burberry cosmetics’ ranking in the Top 25 cosmetics brands in China, and Gucci cosmetics in the Top 10 within the U.S. and Europe by significantly expanding their distribution and assortment. 
     
    “On skin care, Lancaster, is elevating its visibility with Chinese consumers, with three branded counters opening in Hainan in the last few months, while philosophy is capitalizing on its Top 10 skincare position in the U.S. by leaning into cleaner formulations and expanded distribution,” she said. “Finally, in our consumer beauty brands, we are clearly seeing CoverGirl's transfor¬mation take hold with consumers, as the brand gained market share for three consecutive months, for the first time in five years. We are excited about the path ahead for Rimmel and Max Factor, as the new brand positioning, communication and visuals are being introduced now across European markets.”
     
    Q4
    The company’s gross profit for Q4 2021 was $641 million, and $224 million last year. The operating income was $1.8 million. The figure is an improvement from last year, as it reported an operating loss of $920 million last year. Its net loss was $221.1 million – an improvement over last year’s net loss of $696.2 million. All figures point to a recovery from the initial waves of the Covid-19 pandemic. 
     
    Fiscal Year 2021
    Coty’s gross profit for fiscal year 2021 was $2.76 billion, an increase from $2.72 billion last year.
    The company reported an operating loss of $48.6 million for 2021, an improvement from a reported operating loss of $1.236 billion the previous year. The net loss of $166.3 million was an improvement from a net loss of $1.1 billion last year. Adjusted net income of $9.6 million improved from an adjusted net loss of $364.2 million from last year.
     
    Prestige Sales
    Prestige net revenues during Q4 were $570.2 million. This figure reflects 53.7% of Coty sales, or an increase of 159.9%. Net revenues during 2021 were $2.71 billion, or an increase of 4.3%.
     
    Mass Sales
    The mass net revenues during Q4 were $492 million, representing 46.3% of Coty’s continuing operations, a 44.4% increase. Net revenues during 2021 were $1.91 billion, or 41.3% of Coty’s sales, representing a decrease of 9.5%.
     
    “This operational and strategic progress was achieved without sacrificing our financial delivery, with Fiscal Year ‘21 gross margins of 60% back to Fiscal Year ‘19 levels and adjusted EBITDA margin of 16% up over 300 bps vs. Fiscal Year ‘19, setting the baseline for further expansion in the coming years,” said Nabi. “Importantly, with two months into Fiscal year ‘22 year, I am extremely encouraged by the momentum we are seeing across the business. In the market, we are seeing strong fragrance demand across the U.S. and China, some early signs of recovery in Europe and Travel Retail, and improving cosmetics trends. And we are capitalizing on this more favorable demand backdrop with a line-up of strong launches in each core area of the business. In fragrances, we are already seeing very strong market reception for our launches including Gucci Flora Gorgeous Gardenia with Miley Cyrus, Burberry Hero with Adam Driver, Calvin Klein Defy with Richard Madden, and Tiffany Rose Gold. And in cosmetics, the newly relaunched Kylie cosmetics line is seeing great momentum on- and off-line in the U.S. and across Europe, while Sally Hansen is once again disrupting the nail market with its new concept, It Takes Two. As we continue to make tangible progress in each of our focus areas, I am more confident than ever in the growth and value creation path in front of Coty.”
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