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HERMÈS INTERNATIONAL

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Real-time Euronext Paris  -  11:35 2022-06-24 am EDT
1067.50 EUR   +3.14%
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Coty raises annual profit outlook on resilient luxury demand

05/09/2022 | 08:12am EDT
FILE PHOTO: Gucci fragrances, owned by Coty Inc., are seen for sale in Manhattan, New York City

May 9 (Reuters) - Coty Inc raised its full-year profit forecast on Monday following resilient demand for its high-end fragrances and skincare products in the United States and Europe at a time when inflation has soared to multi-year highs in most countries.

Demand for luxury goods has held up as higher prices of everyday essentials have not affected the spending power of the affluent, updates from cosmetics group L'Oreal and Birkin bag maker Hermes have shown in recent days.

Revenue at Coty's prestige division, which houses cosmetics and fragrances from the Hugo Boss, Gucci and Burberry brands, rose 21% to $726.4 million for the third quarter ended March 31.

"(Coty's) prestige brands are seeing phenomenal growth, which means that consumer confidence to buy our brands is intact," Chief Executive Officer Sue Nabi told Reuters.

Customers unable to afford products from its prestige segment could trade down to the consumer beauty unit that sells lower-priced items, Nabi said.

However, Coty's shares fell as much as 8% to $6.68 amid broader market declines.

"While the market may be preoccupied with macro factors today, we believe COTY's better-than-expected results ... should be taken positively on a stand-alone basis," Deutsche Bank analysts said.

The cosmetics maker, which has also raised prices to combat higher costs, saw its third-quarter gross margin increase to 64.3%. Adjusted per-share profit was 3 cents, beating estimates of 1 cent, according to Refinitiv IBES data.

Coty increased its fiscal 2022 adjusted per-share earnings forecast to between 23 cents and 27 cents, from its previous outlook of 22 cents to 26 cents.

The implied forecast for the fourth quarter, however, is of a per-share loss between 1 cent and 5 cents, according to Reuters calculations, as Coty deals with the impact of higher raw material costs, the Ukraine conflict and COVID-19 curbs in China. (Reporting by Praveen Paramasivam and Ananya Mariam Rajesh in Bengaluru; Editing by Shounak Dasgupta)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BURBERRY GROUP PLC 3.58% 1691.5 Delayed Quote.-6.93%
COTY INC. 7.33% 8.05 Delayed Quote.-23.33%
HERMÈS INTERNATIONAL 3.14% 1067.5 Real-time Quote.-30.50%
HUGO BOSS AG 0.94% 49.16 Delayed Quote.-8.11%
L'ORÉAL 4.18% 336.85 Real-time Quote.-19.21%
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Sales 2022 10 510 M 11 087 M 11 087 M
Net income 2022 2 740 M 2 891 M 2 891 M
Net cash 2022 7 641 M 8 060 M 8 060 M
P/E ratio 2022 40,8x
Yield 2022 0,82%
Capitalization 112 B 118 B 118 B
EV / Sales 2022 9,90x
EV / Sales 2023 8,84x
Nbr of Employees 17 189
Free-Float 32,1%
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Number of Analysts 19
Last Close Price 1 067,50 €
Average target price 1 309,75 €
Spread / Average Target 22,7%
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Axel Dumas Co-Executive Chairman-Management Board
Henri-Louis Bauer Co-Executive Chairman-Management Board
Éric Marie Joseph du Halgouët Executive Vice President-Finance
Éric de Seynes Chairman-Supervisory Board
Nicolas Faure Operations Director
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