American beauty company Coty has reported its revenue for the first quarter (Q1) of fiscal 2023 (FY23) increased by 1% to $1.39bn from $1.37bn in the same period of fiscal 2022 (FY22).
The company’s reported gross margin for the quarter ending 30 September increased 9% from 63.2% in the prior-year period, and its adjusted gross margin was up 64.1%, up from 63.4% in Q1 FY22
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Coty posted an operating income of $171.9m in Q1 FY23 compared to $17.2m in the prior year and its adjusted operating income for the quarter grew 24% to $249.6m.
Driven by the increase in reported operating income and decrease in the tax provision, the company’s net income rose from $103.0m in Q1 FY22 to $125.3m in the current fiscal.
Its Q1 earnings per share (EPS) increased to $0.15 from $0.13 in the prior year period.
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Regionally, the company’s Q1 revenue in the Americas was $607.6m, representing 44% of its sales and Europe, the Middle East and Africa (EMEA) registered net revenues of $609.3m, or 44% of Coty sales.
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By GlobalDataAsia Pacific region recorded net revenues of $173.1m, or 12% of Coty sales during the quarter.
Coty CEO Sue Nabi said: “Our strong Q1 results, in the midst of a complex external environment including ongoing component shortages, confirm the strength and resilience of Coty’s brands, teams, strategy and operating model. This represents the ninth consecutive quarter of Coty reporting results in-line to ahead of expectations.
“While Coty has certainly benefited from a resilient beauty category, I am particularly pleased that our balanced growth strategy remains in full force.
“We delivered robust growth across all of our regions, each of our key categories including fragrances, cosmetics, skincare and body care, and across both divisions. This has allowed us to again report sales growth well above the underlying beauty market and among the best in our competitive set.”
For full year FY23, Coty expects adjusted EBITDA of $955m-$965m based on current foreign exchange rates, and adjusted EPS growth to be in the mid-teens to $0.32-$0.33.
