Net revenue

Coty reports $2.94 billion in net revenue for the first half of 2022

U.S.-based beauty retailer Coty reported net sales of $2.94 billion for the six months ending December 31, 2021, a 16% increase over the same period last year.

The company’s first-half (H1) net profit attributable to common shareholders was $291.9 million, compared to $56.1 million a year earlier, while its adjusted net profit was $210.8 million. dollars.

Coty’s earnings per share (EPS) fell from $0.07 last year to $0.36 in the first half of 2022, while its adjusted EPS fell from $0.12 to $0.26 from a year to year.

For the second quarter (Q2) of 2022, Coty’s revenues increased by 12% to $1.57 billion compared to the corresponding period last year.

The company said growth was driven by a 12% increase in its Prestige and Consumer Beauty businesses.

Coty reported net income of $188.9 million for the second quarter, compared to a net loss of $39.8 million in the same quarter last year.

The company’s EPS for the quarter improved to $0.23 from a loss of $0.05 per share a year earlier.

Coty CEO Sue Nabi said: “With our first half of 2022 now complete, I am very pleased to say the year is going as we had hoped, and in many ways even better.

“During the quarter, we continued to execute on our strategic growth pillars, which enabled us to generate sales, profits and results in line or ahead of forecast for the sixth consecutive quarter.

“The second quarter, and even more so the first half, further illustrate the virtuous circle we have created.

“Strong top line growth combined with gross margin expansion and strong cost execution are driving both earnings growth and reinvestment in the business in the most promising opportunities.”

Based on these results, Coty expects full-year sales to grow towards the top of its low-to-mid-teenage guidance range.

The company raised its adjusted EPS guidance for the year to between $0.22 and $0.26, up from the previously forecast range of between $0.20 and $0.24.