Coty, Inc. (COTY) Misses Q1 EPS by 2c

Coty, Inc. (NYSE: COTY) reported Q1 EPS of $0.28, $0.02 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.13 billion.

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esults in the first quarter were mixed. Profits were very good. The operating profit and margin continued showing very strong progress and earnings per share growth was up well ahead of profit growth, also helped by a one-off tax benefit. This confirms that our Global Efficiency Program continues to generate the benefits we have been targeting. On the other hand, revenue growth was not where we would like it to be. While Color Cosmetics growth continued to be very strong due to Sally Hansen and Rimmel, and Skin & Body Care trends are improving, Fragrance growth is lacking. Fragrance revenues continue to suffer from a very large number of unsustainable historical launches, not being compensated by current brand building efforts and launches. We will be working hard to clean up past portfolio practices, while strengthening our innovation pipeline and improving our capabilities in the areas of innovation and sales & marketing execution.

We continue to believe that our strategy of investment in growing our power brands while bringing Coty back to profitable growth behind our efficiency programs, remains the right basis for delivering shareholder value over time."

For earnings history and earnings-related data on Coty, Inc. (COTY) click here.

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