The financial results for the second quarter of fiscal year 2017 where recently released by Coty Inc. Coty cites 2017 as being a transitional year after completing a successful merger with P&G Beauty Business.
Coty’s net revenues for three months ending on December 31, 2016 were $2,296.7 million, which represents a 90% increase compared to Legacy-Coty net revenues in the prior-year period. Its net revenues for six months ending on December 31, 2016 were $3,376.9 million, which represents a 45% increase compared to Legacy-Coty net revenues in the prior-year period.
Review by Segment
- Luxury net revenues were $835 million and increased by 52% when compared to the prior-year period
- Consumer beauty net revenues were $1,001.7 million and increased by 68% when compared to the prior-year period
- Professional beauty net revenues were $460 million and increased by 560% when compared to the prior-year period
Camillo Pane, CEO of Coty, stated, “It is my privilege to be leading the new Coty. It is clear to me that Coty has great future potential; the combination of our iconic and emerging brands, energized employees and the comprehensive strategy we are laying out for the new organization will position us well to become a challenger and leader in beauty and drive sustained profitable growth over time. This is a long term journey and will require time and effort, as we will need to tackle short term challenges like the ones we faced in the first semester, complete the P&G Beauty Business integration and most importantly implement new programs to drive growth and further strengthen our brand portfolio and management capabilities.”