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Coty Inc. (COTY) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Coty Inc.

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CIK: 1024305 Ticker: COTY


Coty Inc. Reports Fiscal First Quarter 2020 Results
 
Q1 In-line with Expectations
Strong Gross Margin Improvement, Increased Working Media, Solid EPS and FCF Delivery
Full Year FY20 Outlook Confirmed

NEW YORK - November 6, 2019 -- Coty Inc. (NYSE: COTY) today announced financial results for the first quarter of fiscal year 2020, ended September 30, 2019.

Results at a glance
 
Three Months Ended
September 30, 2019
 
 
 
 
Change YoY
(in millions, except per share data)
 

 
Reported Basis
 
Organic (LFL)
Net revenues
 
$
1,942.8

 
(4.4
%)
 
(1.1
%)
Operating income (loss) - reported
 
126.0

 
>100%

 
 
Operating income - adjusted*
 
154.7

 
10
%
 
 
Net income (loss) - reported
 
52.3

 
>100%

 
 
Net income - adjusted*
 
50.5

 
(37
%)
 
 
EPS (diluted) - reported
 
$
0.07

 
>100%

 
 
EPS (diluted) - adjusted*
 
$
0.07

 
(36
%)
 
 

* These measures, as well as “free cash flow,” “adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)” and “net debt,” are Non-GAAP Financial Measures. Refer to “Non-GAAP Financial Measures” for discussion of these measures. Net Income represents Net Income Attributable to Coty Inc. Reconciliations from reported to adjusted results can be found at the end of this release.

Highlights

•
1Q20 net revenue down 4.4%, with 1.1% LFL decline including a 1% negative impact from Younique
•
Strong LFL growth in Luxury and Professional Beauty, offset by declines in Consumer Beauty
•
Adjusted operating income of $154.7 million grew 10% YoY
•
Adjusted EPS of $0.07, down 36% YoY, reflecting the 1Q19 non-recurring tax benefit
•
1Q20 free cash flow improved by $169 million from the prior year period

Commenting on the operating results, Pierre Laubies, Coty CEO said:
"Q1 marked the first quarter of implementing our turnaround plan. With Younique excluded from our results as of September, we have also begun to see some improvements in the Consumer Beauty division. These improvements include revenue growth and market share gains on select brands in Europe, strong performance in Sally Hansen U.S., and some early progress on Covergirl. Throughout the organization, our teams are building a better business, including making trade-offs in favor of healthy, sustainable sales. Our strong Q1 gross margin improvement is a reflection of our progress in this area. With the consistent delivery of our Luxury division in a more volatile environment, and the strong performance of the Professional Beauty division, our Q1 is well on the path of our turnaround deployment."


Commenting on the financial results, Pierre-André Terisse, Coty CFO said:
"The beginning of the year was in-line with our expectations on all key financial metrics, including net revenues, adjusted operating income, adjusted EPS, and free cash flow. More importantly, our equation is healthier as the significant gross margin improvement allowed us to reinvest behind our brands. This gives me confidence in our ability to deliver our targets for the year. As we continue to explore how to accelerate the transformation of Coty, with a strategic review which has already attracted strong interest, we will in the coming quarters continue to focus on the fundamentals of our turnaround: deploying operational excellence, improving the performance of our supply chain, expanding gross margin to support our brands, streamlining the organization and maintaining discipline on cash and costs."


1
The following information was filed by Coty Inc. (COTY) on Wednesday, November 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Coty Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Coty Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parentheticals)
Condensed Consolidated Statements Of Equity And Redeemable Noncontrolling Interests
Condensed Consolidated Statements Of Equity And Redeemable Noncontrolling Interests (Parentheticals)
Condensed Consolidated Statements Of Operations
Business Combinations And Divestitures
Business Combinations And Divestitures - Business Combinations (Details)
Business Combinations And Divestitures - Business Divestitures (Details)
Business Combinations And Divestitures - Other Transactions (Details)
Commitments And Contingencies
Commitments And Contingencies Narrative (Details)
Debt
Debt (Tables)
Debt - Leverage Ratios (Details)
Debt - Narrative (Details)
Debt - Pricing Tiers (Details)
Debt - Schedule Of Debt (Details)
Debt - Schedule Of Fair Value Of Debt (Details)
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Debt - Total Net Leverage Ratio (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Amount Of Gains And Losses Reclassified From Aoci (Details)
Derivative Instruments - Derivatives Not Designated As Hedging (Details)
Derivative Instruments - Gains And Losses Recognized In Oci (Details)
Derivative Instruments - Narrative (Details)
Description Of Business
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Schedule Of Components Of Net Periodic Benefit Cost (Details)
Equity
Equity (Tables)
Equity - Accumulated Other Comprehensive Income (Loss) (Details)
Equity - Dividends (Details)
Equity - Narrative (Details)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net - Changes In Goodwill (Details)
Goodwill And Other Intangible Assets, Net - Narrative (Details)
Goodwill And Other Intangible Assets, Net - Other Intangible Assets, Net (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Indefinite Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Intangible Assets Subject To Amortization (Details)
Interest Expense, Net
Interest Expense, Net (Details)
Interest Expense, Net (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Minimum Lease Payments (Details)
Leases - Minimum Rental Commitments (Details)
Leases - Narrative (Details)
Mandatorily Redeemable Financial Interests And Redeemable Noncontrolling Interests
Mandatorily Redeemable Financial Interests And Redeemable Noncontrolling Interests - Mandatorily Redeemable Financial Interest (Details)
Mandatorily Redeemable Financial Interests And Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interests (Details)
Net Income (Loss) Attributable To Coty Inc. Per Common Share
Net Income (Loss) Attributable To Coty Inc. Per Common Share (Details)
Net Income (Loss) Attributable To Coty Inc. Per Common Share (Tables)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Restructuring Costs By Program (Details)
Restructuring Costs - Restructuring Costs By Type (Details)
Restructuring Costs - Restructuring Roll Forward (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Reportable Segments, Revenue By Product Category (Details)
Segment Reporting - Reporting Segments (Details)
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables)
Share-Based Compensation Plans - Narrative (Details)
Share-Based Compensation Plans - Schedule Of Share-Based Compensation (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Ticker: COTY
CIK: 1024305
Form Type: 10-Q Quarterly Report
Accession Number: 0001024305-19-000126
Submitted to the SEC: Wed Nov 06 2019 11:22:56 AM EST
Accepted by the SEC: Wed Nov 06 2019
Period: Monday, September 30, 2019
Industry: Perfumes Cosmetics And Other Toilet Preparations

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