“European investors want to buy Coty stock. It’s as simple as this,” said Coty Inc. CEO Sue Y. Nabi of why the company is mulling a dual listing.
The third quarter results will certainly help it on its mission. For the three months ended March 31, Coty’s net revenues came in at $1.29 billion, up 9 percent year-over-year and beating analyst forecasts for $1.23 billion.
On a geographical basis, sales in Europe, the Middle East and Africa increased 7 percent; in the Americas by 13 percent, and Asia-Pacific 4 percent, with the company pointing to strength in broader Asia and travel retail, and gradual improvement in China trends.“It’s much better than Q3. As you can imagine, Q3 revenue was for half of it mainly under lock down, more or less, the other hand was just reopening.
China makes up just 4 percent of Coty’s net revenues, meaning it has much less exposure than rival the Estée Lauder Cos., which last weekon the back of a slower-than-expected recovery in travel retail in Asia. Coty’s net income was $105.1 million, up from $49.6 million in the prior year, due to the benefit from a mark-to-market on the equity swap, partially offset by a higher benefit in the prior year from a change in Wella’s fair value and lower operating income.
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