Coty, Inc. (NYSE: COTY) reported Q4 EPS of $0.08, $0.01 better than the analyst estimate of $0.07. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $999.01 million.

Commenting on Coty’s performance, Bart Becht, Chairman and Interim CEO said: “2015 was a good year. We made meaningful progress on our strategy of driving revenue growth on power brands, while fueling profit growth behind efficiency programs. During the year, power brand net revenue growth, while still modest, was in the low single digits like-for-like, driven by Marc Jacobs, Chloe, Sally Hansen, Rimmel, and philosophy. On profits and margins, we made material progress over the last 9 months resulting in full year adjusted diluted EPS being up by 22%.

In terms of driving profit growth behind efficiency programs, we are happy to confirm that we have identified additional opportunities. As a result, we are increasing the savings target for our Global Efficiency Program by 35% to $270 million by fiscal year 2017. These additional savings should allow us to continue to drive margin expansion, while also re-investing part of these savings to gradually improve the growth trajectory of the overall business.

Last month, we announced a transaction agreement with P&G’s Fragrances, Color Cosmetics, and Hair Color businesses. We remain very excited about this transaction's potential for Coty. We continue to believe that it will not just create a pure-play global leader and challenger in the beauty industry, with approximately $10 billion in revenues, it will also offer material cost and cash savings as well as longer term enhanced growth opportunities.

We will also continue our Share Repurchase Program, with $700 million authorized by the Board, that shows our commitment to returning cash to shareholders."

Outlook for Fiscal 2016 Full Year

Coty remains focused on growing its power brands through innovation, strong support levels, and improved "in-market" execution. The Company is targeting modest improvement in total like-for-like net revenue coupled with continued strong growth in profitability behind its efficiency programs.

Having completed almost a full year following the organizational redesign and launch of the Global Efficiency Program, the Company is raising its Global Efficiency Program savings target by 35% or $70 million. The Company is now aiming to deliver annual savings of $270 million by fiscal year 2017. The anticipated pre-tax charges associated with the Program remained unchanged at $250 to $300 million.

Other noteworthy company developments:

• On July 9th, the Company announced the signing of a definitive agreement to merge P&G's fine fragrance, color cosmetics, and hair color businesses into Coty through a tax-free Reverse Morris Trust transaction. The transaction is expected to create one of the world’s largest beauty companies.
• Bart Becht to remain interim Chief Executive Officer, announced on June 23.
• On April 1st, the Company completed the acquisition of the Bourjois cosmetics brand from Chanel.
• Coty announced the authorization of a $700 million share repurchase program for its Class A shares.

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