COTY - Earnings call transcript Q4 2022

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Operator

Good day. My name is Chelsea, and I'll be your conference operator. At this time, I would like to welcome everyone to Coty's Fourth Quarter and Fiscal 2022 Question-and-Answer Conference Call.

As a reminder, this conference call is being recorded today, August 25, 2022. Please note that earlier this morning, Coty issued a press release and prepared remarks webcast, which can be found on its Investor Relations website. Sue Officer. Executive are Mercier, and call Financial Chief today's Nabi, Officer; Chief Laurent On like remind would may I to contain comments of forward-looking today the statements. you that many filed lists factors could Coty's and earnings from Please differ results that SEC those refer company the forward-looking cause to statements. reports the where with to release materially actual the

Measures company's as Coty's Coty's expectations and With addition, where specified the will the In in results now except the noted, lines financial the section Non-GAAP we that, for Financial certain release. discussion adjustments of of open reflect questions.

Operator

And question our [Operator from Instructions] first Stephanie Jefferies. Wissink with come will

Stephanie Wissink

have We X questions.

first us of The e-commerce. to in and the China quarter growth. year Travel just drivers is and Retail, big out Those really stood the on as

for you relationship brands. changed, that relationship Sue, since the you're about arrived of a drivers reinforce relationship? of that that ask to guidance, going expectations made there's give Coty, can portfolio that 'XX fiscal been you little then hoping talk a indicators to sense have you've and I'm brands maybe the lot you carrying some how can us about bit you commitment tough willing China, I'm in some about your And I'm but the those So specifically assuming? you performance hoping And answer, in if you're what at share has of question. looking to at to a you're can those your

Sue Nabi

you so questions. Thank much Yes. your for

of X I guidances about best-in-class this a later, these e-commerce, Indeed, the Travel China, performance had e-commerce 'XX. and around of contributors QX or the ahead are of part, would of recognized may Retail that is everyone all those achievement. I our a we've travel, say, contributor, us, business. comes clearly seen strength our results me And and China I few a When this it's there and Retail Retail the course, expectations it's fact hope of of the our of and beauty hopefully traveling, let worldwide. has clearly surge with the specifically Retail, now So great point. words par first start very a that say, a will will it been in to that important today quarters be on now fiscal most say in Coty. key for key that really and at and huge of That's been who've first, specifically into recognize if in to course, we Travel peers, to travel I of true of figures, Travel which going surge translates that Travel as is terms

Year-on-year, to -- Retail thanks during fragrances seeing share, This also doing of fragrances X Xx to level it's or Travel highest gaining categories, growth, market quarter. Travel been of example, is our are well innovations. artisanal sorry, fantastically full and the triple-digit fragrances the channel doing niche we of to in are there. exclusives, the board across Retail end terms Our has and fantastically thanks take our more specifically well, but what

was the we because mainly Retail before X category, new -- channel, category pandemic Travel the was Our entered it fragrances.

launch around brand partnership. top also sun Now Burberry first brands, not Makeup fantastic Prestige and Sephora which And Kylie Gucci China care performance. Retail in well. into lot growth clearly, different Makeup Retail to an well, us but would a E-commerce fantastic say, to This this care specifically clearly doing Lancaster had but is case it's brand, XXX% posting of are for beginning fiscal done more we've the course, as more CoverGirl, this Mainland last has but had the recently, And and least, a channel the to on in at a the becoming division. of thanks that the dominant a this started And Rimmel. brands say, skin Consumer is Makeup at Prestige I very on from that with very, double-digit TikTok-ers. the world. that spread social quarter happened the that's co-created been there, big It's 'XX, Travel which of in also now is that's repositioning end fully do Travel doing I Hainan, satisfaction recent airports fragrances, the because exclusive media, on the with the And is a in overall Cosmetics, fantastically benefiting currently case we've We've skincare. even called results have Beauty our a Thrill course, division. also Makeup, to of honestly, seen the Prestige or figures, of doing been brands from QX,

the a has like been end in strongly topic. that quarter, months That's during QX, is rebounded. and now the we key contributor. China, QX, you QX. to fortunately And key is we've comes China by QX everyone, what into impacted it of to seen X business have a the the can of course, of to the part is that lockdowns going in at this contributor. clearly, coming be continue When On it So imagine China

double-digit X%. was would the very, overall, but market And prior growth, had in be inside what strong very fiscal of because performance XX% 'XX not a the level slowdown had seeing to say, We restrictions, Coty China minus we a first, performance. are that to the of plus to at compared I

So business you that's side. the can on what tell I

license imagine, like would tell all, with second speculations. houses your the question renewal to to today. years to that on share with be answers great But of these before two do questions, a that a our key the speculation. quality is of not lot that can two thing partnerships of to are me asking our fashion comments hope I'm is your of giving, is taking can you're no up opportunity the this I'm X else that to now question, you continuing what is Stephanie? top So part first elements need as But this I concerning stress and to that you long-term the I Now you again also everything I other are key repeat, I

Stephanie Wissink

It does.

Sue Nabi

Thank you.

Operator

next question with Our will from Nik RBC. Modi come

Nik Modi

Sue, could hoping just you some I was provide context.

very thinking of very resiliency understand, shallow -- macroeconomic course, think of to is is downturns. first do things the situation? how during question backdrop kind is given be But you second about going So maybe wanted then the going inventories right you Or managing the think their Retail, at are an the expecting question. here? Of And to further gradual, they're your deteriorate on I now. just pretty clear what's beauty within update from with you're some tightly inventories guidance, that this I that's to on

on get just some what's going with on perspective inventory I wanted So to

Sue Nabi

Yes. Thank you for the question.

you which seeing Beauty. during part that for also sign than of and what this to to take oversee have premiumized more not inflationary have seen beauty currently, what And Prestige, movement, in slowdown, the they but the of what and that showing guess, is Toilette is when I are if category, I of say, can the it confirmed fragrance to which consumers ever is scenting. de Parfum of which kind say. comes Eau we the Clearly, movement a is us category surprise versions again, moving the more are more concentrated indicator premiumizing, premiumizing So more This Consumer more. to of will when the specifically what I pressure, of we de QX, hopefully is to we tell it all accelerating, are are of comes it's I best macro from again, Eau have and any expensive is is because only the middle

shop the this that from behind premiumized and earnings, trading today such effect. Zs, defination are not then going we the feel consumed making And categories to are only that's desirable X do Prestige I has you're of their fragrances when see putting down. men, during desirable I categories over So are better, We part as by about you It's and as rather protected well. would but brands we Prestige Max the Consumer and call essential male, becoming say, in to really clearly the if cool they fragrance we Gen the only and today, preserved. that's them not Consumer these and on side, years look And also it say in on that it probably retailers very, cetera, in that recently categories believe such female index that be protected. okay. products to that are And things take or been part the example. see are in or and Max what the sharing what are you not I that would affordable. be are because brands, that categories side clearly believe would by best desirable Beauty the be we from partner don't market also that as fantastically or these have And cool doing are do it fragrances, Probably, cool it's beauty very are you this of all more trading things listen our priced the Makeup. the up become, more fragrance than consumers past, the be Beauty those I Latins, could women, because Prestige. et but categories some Prestige were will behind or consider

I trends. it's in that see think really I macro terms So this of

inventories other not In second answer terms indeed some categories, the have the excess beauty. of in but inventory, retailers part to in

different is in to the the there retailers, beauty. category, it's from if In earnings listen you fact, the if X preserved again

Operator

Javier question Escalante Evercore. will next come Our from with

Javier Escalante

has do division. question consumer My the to with

of I supply more with If or the you see least quarter? And you It profitability us how thought were QX. forward? in going had in that an update regards improved to the also, give the the business than at challenges can CoverGirl chain

can be that expand that, you would if great. So

Laurent Mercier

Yes.

I Javier, the So would take question.

say, the supply supply beauty. on I first beauty, to will I on And would a on consumer specific So chain. make global not consumer question it's comment chain.

that progress. indeed, one, we when I is number result, the good raised we you was So webcast we telling were really our this issue in remember last last the I time had mean, call, this the in

is now resolved. So this

However, in supply we and standpoint, peers, know XXs, which Obviously, which from is current have our well performance. are as issues. we not a immune level a we good are low But service a definitely, the global we protected, from is

So because could us. protect now is also we for on are quarters on some we this local freight, also, dual sourcing definitely worked which sourcing, had why and protecting on we several contracts

daily a focus is all is imagine all a we also can this combination keep these and really is and and the in you the supply fact the teams, as from as to improvement supply is chain There angle So that strong And demand control know, another you [indiscernible] need higher. on is of chain. levers. on this

So nicely the manage. managing also are indeed both is what have current constraints. elements, and this But winning we we have and to control you

Second, we apply both this better -- beauty I is every you are the mean absolutely the right, is the I talk than approach expected. simple. from When Prestige. This moving cycle time reason about for segments. consumer case very profitability virtuous

for this Consumer is Beauty. case the So also

the we the is something Sue in levers are thanks rightly teams, absolutely that gross innovations Consumer improved all really this just mentioned DNA really the So the has is of premiumizing mix. recipe margin, tangent all free. which to Beauty new the which

launching really really and mix is key this the really margin. the definitely we are gross the are element, So new innovation helping premiumized a on

times We current and few assisting granular cost platform the I efficiently]. element. pricing Factor manner, to because rationalization CoverGirl a by platforming, astute goods We portfolio But are doing mean same it's when are [this or we very context. we precise that very is every time doing of for a key a can replicate Rimmel, doing use then innovation, which very, really example, also raised is Max optimizing a the very detailed a the in manner, in and so of in

virtuous Since we then cycle. QX, this are decision in of continue in the and delivering using the QX. a really to that in and this new city. inject consumer beauty what money we indeed level high support 'XX you is obviously, remember, media that's question we this those the A&CP And And had we in to So course, in then, was was initiatives the beauty sustainable the rather consumer all now profitability fiscal conscious beyond. indeed of in and did

Operator

from Raymond James. Our next Olivia question Tong will with come

Olivia Tong

It plan. to expectations. EBITDA 'XX fiscal margin like XXX looks basis improvement strong on prior in continued first of is but I the -- question the second first see half, points you're My expansion half. about expecting margin

expand and color wondering into, half follow-up influencer versus space my what's you was becoming brands. driving expectations? great a question more then around more on And could just on I celebrity second your It's first if but obviously So view that is have the crowded. it led and that half you is

views success your brands And terms expectations I'd love of your these brands terms your So growth rest how to of hear differ to the relative of versus levels others? of support and relative in in portfolio?

Sue Nabi

you. Thank

we line EBITDA mean, the midterm will you, all, So remind top metrics is the on fiscal our I gave some November. expectation. indeed, to indeed and take that that of on And really I 'XX year completely in first guidance first in of the part EBITDA, guidance with I remember line on want

is this very the in robustness achievement 'XX fiscal continue a of of the strong manner. and fiscal really model in we confirming the So 'XX really consistent

implies So still too I say HX. marginal a more in HX early go the and definitely, little guide would but this, that between to it's

really the and investing costs, it this guidance. is expansion, disciplining delivering definitely fixed year we gross So margin full continue

and adapt we be Now all the year during that it of something HX, evolution depending on navigating HX may the the metrics.

too debate early this. still on So to

Laurent Mercier

Laurent Mercier.

take So around second question, which of celebrity to and is brands. the influencer-led going I'm the part

The it very, remember This the the I if yes. was So is more well, competitive a around, clearly part question of is business. competitive? very is answer

a globally, basis, happening we almost a of place it's a of have to so because that of launched as a not to the where element lot hundreds as ability less truth, by kind us, very stores strong clearly an of in I very, There commission is is competitive. daily, brands that do all this on the is bigger makes a thousands be a believe a think DTC daily of selection is present important. of is lot the go-to-market if I And a potentially that's becoming which there selects there that's Coty competition see moment brands. brands [indiscernible]. go-to-market,

reach to In basis. we of who can level because have media. born social you this less classical the overinvest in different daily to media, may, like therefore, of natural reaching the communities right it imagine, on it is I A&CP, brands terms do the as people are need And are brands. on of a there They if on of these call investment, like

and So depending to it's this of kind on would really I the say, that innovation. compromise of, we need find on depending the kind brand

Operator

come Securities. will question Carey Chris Wells next with Our from Fargo

Chris Carey

lot a So session the and through focus the your Kim a And in activity remarks a front new up launch our prepared came on bit Q&A launch little was of the here. was in half. theme that

the launch frame And from on will contribution be and of your expectations XX% any on year sales the quick at to what from you're to that noted follow-up? contribution there overall ’XX your launches general, profits, You this I sales then Kim you a already. way have can full Is potentially year? outlook fiscal in will the what the be new

Sue Nabi

Yes. for you, Thank the Chris, question.

is which comes new first of But very So the again, as do how start to figures it going contribute when clearly, this much imagine, the is this line share to you company. growth brand of the can we to the is contribution, the of not part, good.

above We our are expectations.

X for sign is line that's the is a all full best-selling something priced item is very, not is me us is the single at best-selling And that item the for product, strong SKUs, and a which $XXX. of of very

on how it trust of they are in on together are products, X they consumers the this doing how means we to if what trust spend of lot us, set for terms brand, a a brand. $XXX ready So

the It's is geographies. terms with another it's job lot. a possible this So this It's on job item What balanced that is as this build launch. you. broad the ’XX Coty, share insist And on and clearly I in that to something very we at job clearly a about can of all is the to my wanted you people as not guide, of growth like base. tell dependent would that's fiscal I and really Laurent’s to a

in that, recently. protected China fact, us seen You've to overexposed not being

key clearly, categories, or hard something in a that all hand X for terms that's into other, part so brand. categories of we can that growth are months category that guidance. the way in launches you also make terms the have we element of In and have we few category terms the this in presented building into whatever happening fiscal ago. we dependent to not to sure our building X is revenues we in in but working category net another accelerate algorithm any what And of brands, biggest key versus that from is 'XX, the are blocks a our 'XX. the only are not for we blocks this building fiscal embedded are of clearly Fragrance Well, being

Chris Carey

just of was you did takes And see of gross Coty expansion as follow-up in expansion buckets of just the modest and gross It the the would noted quick I if some be, prepared you margin margin perhaps puts of over wonder you for course Laurent, that? remarks. year. margin could the note that is expecting gross The maybe the key the cadence any year. buckets then frame the also

Laurent Mercier

Yes.

gross points. remind, fiscal I all, in first So 'XX basis noted, to expansion I as mean, close mean, of you let margin XXX me

the that can place that really put initiatives we in all you actions, results. see the all So strong delivered

this What had year, confirms we still mix. journey. definitely continue skincare, And initiatives also new as are some gross segments same X at next a results either are expansion, margin have makeup just we take in and obviously me and implementing the XXs gross in by premiumization margin fiscal see Mix gross indeed continue let key not are launching, Number the and the buckets? we to but also elements. that again, concrete accretive. margin shared, moving we is We What of So that is Beauty. driver definitely, 'XX, are fragrance in the ingredients? mid Now reason confident the we the the the what really, the in it very the are in is 'XX. we the as of innovations are have phase that I Consumer We, all really of achieved which key margin. to we

have of sometimes And level proceeds. don't same the we

that we at the because this and fiscal Number a key single-digit implemented a and a is calendar having. element. the all definitely 'XX. price So 'XX, driver the little this X it's on we in increase continue see is that and of of can part beginning be elaborate strategy I and we'll low initiatives pricing, We

We speak, increase, price mid-single-digit this is implementation smoothly. as very are we currently, and implementing going

execution. So And on it's also volume. round we no And a on the of 'XX. there beginning price increase of of really are is new impact single in low quality working again, calendar preparing digit

from effect very of inflation. of to fragrance strong strong what definitely, is is actions So assumption factory which same the goods, X factory it's cost net doing margin. closure fiscal will intangible line Germany. the have headwind help we’re we Then QX, of also top gross about 'XX, due for cost a have a are get It's in well. we and the standpoint, in the X% -- is revenue. of on the okay? goods, we we and X% we Number This of there definitely, slightly had So above roughly

XX getting disruption. we and know, during months, we XX without savings mean decision. executed perfectly you any now. months now We starting I the the was team, are executed, this the And As this ago announced

but with doing all Beauty working the reviewing we really to formulas, by as are objective formula of of Prestige on manufacturing. have platforming also also And find either and the value Consumer or also late analysis in the are savings standardize making now simply the We in to and procurement, to differentiation. this,

'XX. in elements that all again, And is gross are expansion the uncaptured we same all to keep including key the the in agenda. expansion. all have really growth the margin this margin will of and initiatives the fueling these flywheel So keep gross umbrella, This in supporting

Operator

next Our Powers Steve from Instructions] [Operator will Deutsche question come with Bank.

Steve Powers

I ahead? Consumer the amplified comments made macro more guessing across for And your was Yes. and building contributions Sue, outlook? how expectations just current Beauty guess your again, through magnitude earlier one. portfolio. hoping bit sensitivities separately number in case growth, be China, given the market growth in the a that perspective on the 'XX and business I at is Prestige is in the I'm a comments I to you within detail, grow just your of around on is China around resumed earlier you an then versus in how more us the from balance just in but guess year expected its Prestige you And could momentum, base little in to, market on dependent could this perhaps evolution bit just talk on specificity own frame maybe China? there, of And point driver terms

Sue Nabi

Yes. Steve, you your thank for questions.

start let's part, 'XX think we in the around answer which is question. with building are And fiscal part your the how in growth. was first of such I So

this either the of is time], XXXX in brands can imagine, at but there our levels index the innovations, fragrance to growth only category continuing with of that's of we last mainstream a to As And artisanal supporting [as pricing is globally. category is see from category This clearly here not the about we premiumize clearly what or lot of globally it more the which Coty’s XX% happening again. U.S. call you brands. higher above beauty commend

there Prestige strategy, going and superfast contributors having if are be So the is base to therefore, strategy. us to to are we this key is continue even brands on clearly will we that our in the are this hold smaller. execute going fiscal again, makeup area There, XXXX. during clearly, makeup Clearly, growing

but first not for but a the just China. by least, one. So And I'm we still contributor definition, Lancaster, become operate it's skin a line time, starting it's key growth in to about in full last contributor, to in a but care value, a agenda. hopefully thinking absolute but going surely slowly are, key our

nature XX% the to in key is because because a we adding are to is markets 'XX. I the Consumer have you to less of of more net fact going fiscal XX%. bullish Beauty see by launches. and Beauty our quite while is remind or way, because of But revenues, are that that a So incredible the categories Prestige be we Consumer also business we contributor on

And skincare in performing recently super, recent the and that's makeup modern investment X the behind, kind in really we this also It's with still Simply of the with started started see the we has Some about quarter, Thrill first terms Rimmel of at that which Ageless. end them fantastic holding are the time most It's CoverGirl, CoverGirl, the brand, ingredients money beginning only but of line creating facing growing put that product powerful QX. U.S., so age. ingredients. campaigns, super co-created having line, of fast, a of are Simply one the in mixing campaign Seeker is consumers. the Ageless only behind start. I'm behind front around in it also also we and products but TikTok in the TikTokers U.K. thinking of XXX% the the It's question the of been part we in together activating U.S. in line about mind with all franchise every But as launches. beautiful most the is and approach of of not including

So described clearly, fiscal would this how the built 'XX. we we have I is, say, way

is it X 'XX, as first our e-commerce. ones But quarter at Now pressure we the back very, very when to strong including the that the are there calendar to, fiscal of they say, had are comes we beginning is not have I what the levels of on we spike the that in 'XX, are into of but now that level. for least same would Coty -- double-digit have sales what seeing seeing China, been course, months consumption, lockdowns, is

Coty something whole things clearly potential the is something doing that business for this we is on. a will the us, count small just so and So China the company. that we think again, there for right do, quite And for anything is simple. upside therefore for about

Operator

will Our with next question Sandler. Korinne Piper from Wolfmeyer come

Korinne Wolfmeyer

Congrats on quarter. the

to a like in first you little seeing more what push I'd bit cosmetics. color of you're So kind on

of Now could from the some the and and events. lots season, reopening be weddings coming of having summer recent strength

So to be this can for just can the any to you Travel expand out partnership partnership of that China touching how then kind ramp the of great. would a faster? But bit going of to on on business in strength financial reopening means what there implications then How help we’re Coty? us we And hear can that. is expect parts from parse Ant And help this be Retail here the -- coming kind you share with announced, how recent much any that could just way and forward? sustained was is the excited much more

Sue Nabi

for your you Thank questions.

part, in sustainable, something this me how I the quite with is let is driven much right, understood first the we more versus question. start are if what of product Cosmetics seeing which and reopening So around by that's

a tell maker. anything on can cetera, eyeshadows, things we products, serum, of top specifically, think more the me growth, lot about and care. were be lash side, makeup looking clearly the seeing and side for post during of of they is look world are CoverGirl will it is the where call back that behind it's or color right going time. interestingly, et regions. or that the are is will skin of categories and name, any less on we whatever this say. in for, here are may strong in be the Coty will the with makeup doing this seeing the rest a a so more moments that this side the more products, makeup, Rebounds seeing lip mascaras, consumption look in that people I pigmented eye X I that for I whatever pandemic, to you lockdowns growth test that category the color which lip people for be growth things And hint And around I trend, do pigmented what to sustainable you rebounds. are at what are of of are what color the healthy other But spend trend has key like on if launches best So think I booming to U.S., kind U.S., happen, categories of same other the the But mixing the is less There not of see including and that probably the the this is going to also is to we

I And the each be Now when story to Coty that are can means I confirm the Ant consumers thing Retail therefore, more are passengers, still very are, is for is the there China with we levels or figures, you partnership. so waiting less only for does the is referring of that huge But travel. you and back the also Travel is strong only traveling are studying this to Chinese can shared Retail you the pre-pandemic. extremely it having minus tell that this can the are to to to partnerships to these a to Retail. all same back between of that for back this this telling consequences that other. Travel us course, momentum? minus and XX%, importance the to that We mean consumers something tell with linked add all and channel partnership is XX% on remember, what less And and to of Travel I comes Alibaba, Travel Retail it The you

Operator

Astrachan Mark will question come with Our Stifel. from next

Mark Astrachan

percentage Yes. think about 'XX, going continue sales first, Is sales more contributed there marketing spend. to you correlation fiscal benchmark about of strong marketing 'XX in that think it growth points But the to basis particular on ad to as up do I obviously the specifically, was year-on-year, you're in sort how XXX guess spend, sales to increase forward? you a and growth. how of that need XX% just then do of and where and goes any using beyond?

Laurent Mercier

Yes.

so in level be I saw the of So to XX%. step indeed, and a in AnCP, able as we high significantly Mark, mean, our range 'XX, up to now you were

very fiscal really we are level -- within definitely for something also This accurate our 'XX. XXs a is We clear making thinking is us, are that and for high that is flywheel.

really Now really spend is way. again, granularity the money. within high the is the definitely, And XXs how we

So definitely, its execution. the really quality of

we are ROI. able than on focused So more

allocation geography on the want explained, well-balanced have this And Prestige I and money, in defined trend allocate Beauty. can definitely, in the points, then and Sue per both capturing manner, KPI, brand. of a in also Consumer dig per and we the just also through ROI good because everything is to that per definitely So category balanced

per allocating doing, are is this we really what initiatives definitely the is So ROI.

is are is Another element productivity I can of very element always have also take and course, also within of productivity improving in productivity which some initiatives. area an about which the line, talking we less media are where have strong that visible. media would some mindset But which, if reallocate that marketing is per percentage, visible, that the also there same we definitely push AnCP, you optimization also this give just optimization. because, doing have can about examples are we textures, business some say, and are initiatives. optimization where working materials, with calling nonworking are agenda. But I we other dollar, basically course, we the some on umbrella, other we samples, also are really areas maybe we some I Definitely, AnCP,

Mark Astrachan

there. then care about just differences the in material how license thinking margin And by about Any profiles category, brands got Prestige to off and thought makeup wholly-owned wanted Great. versus the think across to ask about skin versus I -- cut I businesses. just fragrance?

Laurent Mercier

course, as No. than there detail, but what is I Beauty. you we mean, -- that, again -- I is higher mean I can Consumer mean don't of gross tell margin, level I Prestige answer this know, and you of is

within China, but shared about I for initiatives and initiatives driving -- definitely that gross margin all all mentioned agenda is several Makeup, gross segments. To margin making, this accretion. we Consumer as more are Beauty, So also the so But we these fact. little times are is geography, both valid Prestige e-commerce, really elaborate a a the that again,

taking gross are this really is the margin way the So we agenda.

Sue Nabi

everyone. Thank Thank you, Laurent. you,

So again -- thank you, Mark.

to results, So now. you you results, in soon again, these happy Thank to best-in-class what's ending Super to QX. we call report happening right again, we again talk and the hope are much. about so

Laurent Mercier

Thank you. Bye-bye.

Operator

and this your today's conclude does Ladies gentlemen, participation. call and and webcast, appreciate we

disconnect You time. may at any

Coty (COTY) 25 Aug 222022 Q4 Earnings call transcript