1. News
August 26, 2022

Coty reports LFL sales growth of 16% in FY22

The company expects its FY23 revenue and profit to grow in-line with medium-term targets.

Global beauty company Coty has reported that its net revenue on a reported basis for fiscal 2022 (FY22) was $5.30bn, growing 15% compared to the prior year.

Revenue for the year ending 30 June grew 16% on a like-for-like (LFL) basis.

Operating income for FY22 was $240.9m on a reported basis, up close to $290m year-on-year (YoY), and its adjusted operating income grew 41% YoY to $615.5m.

Coty’s net income from continuing operations attributable to common shareholders was $55.5m on a reported basis, against a net loss of $166.3m in the prior year.

FY22 diluted earnings per share (EPS) on a reported basis were $0.07, up from a loss per share of $0.22 in 2021.

For the fourth quarter of FY22 (4Q22), Coty’s net revenues were $1.16bn, up 10% on reported and 16% on an LFL basis.

The company reported an operating loss of $77.4m in 4Q22, while adjusted operating income increased to $65.1m from $45.3m in the prior year period.

Coty also recorded a 4Q22 reported net loss of $286.0m, down from a net loss of $221.1m in the prior year.

It reported a loss per share of $0.34, down from a loss per share of $0.29 in the same period in 2021.

Coty CEO Sue Nabi said: “Today marks the end of another successful year at Coty as we continued to make significant progress strategically, operationally and financially. We have also demonstrated the sustainability of Coty’s turnaround in the business by delivering eight consecutive quarters of results in-line to ahead of expectations.

“While the external environment became increasingly complex through the year, Coty proved resilient through operational excellence that enabled us to surpass our guidance and deliver double-digit sales and EBITDA growth. We have generated sales growth in both Q4 and FY22 that is well above the underlying beauty market and among the best in our competitive set.

“I am also pleased to say that we continued to make strong progress across each of our strategic pillars. Starting with Consumer Beauty, the business continued to gain market share globally during Q4, marking eight consecutive months of expanding market share.”