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Coty Releases Q2 2018 Financials

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Coty has released its Q2 2018 fiscal results.

The company reported net revenues of $2,637.6 million, a 14.8% increase over 2017. Net income was reported at $109.2 million, an increase from $46.8 million prior year.

Within the luxury segment, the launch of the Gucci Bloom fragrance, growth within the Chloe brand and the debut of Tiffany & Co. contributed to net revenues of $951.2 million, a 13.9% increase compared to 2017.

Related: Will Coty Give Avon a Second Chance?

Consumer beauty saw net revenues of $1,138.6 million, an increase of 13.7% over the prior year. While underlying net revenues modestly declined due to U.S.-centric brands, these losses were offset by strong growth from Wella Retail, Monange and Max Factor.

Growth drivers in professional beauty—which reported net revenues of $547.8 million, a 19.1% increase over the prior year—included ghd and OPI.

For the first six months of its 2018 fiscal year, the company reports net revenues of $4,875.9 million (a 44.4% increase over the prior year) and a reported net income of $89.5 million, an increase from $46.8 million.

"Q2 was a very strong quarter marked by Coty’s return to organic top line growth. We delivered excellent growth in Luxury, an acceleration in positive momentum in Professional Beauty and a significant improvement in Consumer Beauty,” said Coty CEO Camillo Pane. “Our recent acquisitions continue to have strong performance. Across each of our three businesses, we continue to see improving results with our strong performance in Q2 directly linked to our growth strategy. Recent innovations are working well, e-commerce is performing ahead of the market and we are working to implement better in-store execution.”