Coty Inc. has reported better-than-expected revenue and profit growth for its fiscal fourth quarter, helped by growth across all its regions.
For the three months to 30 June 2021, revenues were up 89.6% to $1.06bn, with adjusted operating profit of $44.3m. The company’s Prestige brands saw revenues jump up 160% to $570.2m, while the Mass brands reported a 44% increase to $492m. In terms of geography, revenues in the Americas jumped up 69% to $447m, those in Asia-Pacific surged up 70% to $143.8m, while the EMEA region saw revenues more than double to $471m.
The results meant Coty’s full-year revenue amounted to $4.63bn, which topped its own forecast of $4.5bn-$4.6bn. Nearly all Prestige brands reported double- to triple-digit growth, while its consumer beauty brands continued to gain strength across the world.
Coty also continued to reduce costs, with total savings of $330m during the fiscal year, easily outpacing its initial target of $100m. Coty said it remains on track to generate $600m of savings by FY23.
Sue Y. Nabi, CEO of Coty, noted: “Today marks the completion of transformational 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 of Wella, significantly improved our leverage profile, and over-delivered on our savings, revenue, and profit objectives.”
