The fragrance effect is still in play at Coty Inc. despite significant constraints — including an industrywide glass shortage — helping the beauty company beat Wall Street forecasts on both the top and bottom lines in the final three months of last year.
Coty’s strong performance in fragrance comes as the industry continues to grapple with a shortage of glass and other materials such as oils and alcohol, as the war in Ukraine has led to a shortage of ingredients, while the energy crisis has driven up glass prices.
Overall, Coty’s net revenues came in at $1.52 billion in the company’s fiscal second quarter ending Dec. 31, down 3 percent year over year, but slightly above analysts’ forecasts for $1.5 billion, according to a Factset poll., Kylie Cosmetics and SKKN by Kim, were $957.7 million or 63 percent of Coty sales, decreasing by 5 percent, due to 8 percent negative FX impact.
Net income was $235 million, up from $188.9 million in the prior year. Earnings per share came in at 27 cents, up from 23 cents. On an adjusted basis, earnings per share were 22 cents. Analysts had been expecting 15 cents, according to Factset.
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