02.08.24
Coty has announced its results for the second quarter of the 2024 fiscal year and sales are above expectations. This marks the 14th consecutive quarter of exceeding results.
Strong results reflect the company’s focus on balanced growth in Prestigious and Consumer Beauty with strong global growth. Coty also expanded its cosmetics, skincare and fragrance categories helping to boost sales.
Q2 sales saw a growth of 13% and 11% LFL. The first half reported sales growth of 16% and LFL growth of 14%, exceeding guidance of 11% to 13% for the first half.
In the first half of FY24 Coty’s brands Marc Jacobs, Hugo Boss, Gucci and Calvin Klein led sales growth. According to Coty, its Burberry Goddess fragrance also grew to become the #1 fragrance launch in multiple markets.
With the expansion of Kylie Cosmetics, Gucci, Burberry and the relaunch of philosophy, Coty saw positive momentum in Q2 sales.
Social media strategies and the company’s CY23 Consumer Beauty launches such as Rimmel Thrill Seeker mascara and CoverGirl Yummy Gloss help improve sales. E-commerce was also a factor for growth in the first half of FY24 for both Prestigious and Consumer Beauty.
Overall Coty saw a double-digit percentage of LFL revenue growth across the globe.
The company also reported progress in its sustainability agenda. Coty published its FY23 Sustainability Report that included company milestones such as exceeding energy reduction and recycling rate goals set for 2030.
Coty CEO Sue Nabi commented, “The strength of our Q2 and first half results reinforce several of our convictions, including the attractiveness of the beauty market, the continuing momentum of the fragrance index, the power of our brands, Coty's transformed and industry-leading capabilities, our new ability to create blockbuster fragrance launches, and our disciplined financial execution.”
Strong results reflect the company’s focus on balanced growth in Prestigious and Consumer Beauty with strong global growth. Coty also expanded its cosmetics, skincare and fragrance categories helping to boost sales.
Q2 sales saw a growth of 13% and 11% LFL. The first half reported sales growth of 16% and LFL growth of 14%, exceeding guidance of 11% to 13% for the first half.
Prestigious Beauty
Coty’s Prestigious Beauty category expanded 17% as reported and 15% LFL in Q2. This category grew to 20% and 18% LFL in the first half.In the first half of FY24 Coty’s brands Marc Jacobs, Hugo Boss, Gucci and Calvin Klein led sales growth. According to Coty, its Burberry Goddess fragrance also grew to become the #1 fragrance launch in multiple markets.
With the expansion of Kylie Cosmetics, Gucci, Burberry and the relaunch of philosophy, Coty saw positive momentum in Q2 sales.
Consumer Beauty
Q2 revenues grew by 7% as reported and 5% LFL; in the first half, revenues grew by 8% and 7% LFL. In the first quarter, Coty saw strength in sales of its mass fragrances, mass skin and body care as well as its color cosmetics.Social media strategies and the company’s CY23 Consumer Beauty launches such as Rimmel Thrill Seeker mascara and CoverGirl Yummy Gloss help improve sales. E-commerce was also a factor for growth in the first half of FY24 for both Prestigious and Consumer Beauty.
Overall Coty saw a double-digit percentage of LFL revenue growth across the globe.
The company also reported progress in its sustainability agenda. Coty published its FY23 Sustainability Report that included company milestones such as exceeding energy reduction and recycling rate goals set for 2030.
Coty CEO Sue Nabi commented, “The strength of our Q2 and first half results reinforce several of our convictions, including the attractiveness of the beauty market, the continuing momentum of the fragrance index, the power of our brands, Coty's transformed and industry-leading capabilities, our new ability to create blockbuster fragrance launches, and our disciplined financial execution.”
