Recent COTY transcripts
Associated COTY filings
| Olga Levinzon | executive |
| Sue Nabi | executive |
| Laurent Mercier | executive |
Hello, everyone. This is Olga Levinzon, Coty's Senior Vice President of Investor Relations. Thank you for joining us today for the prepared remarks portion of Coty's second quarter fiscal 2024 earnings. On Thursday, February 8, 2024, at approximately 8:15 a.m. Eastern Time or 2:15 p.m. will which separate our you website. we on Q&A Investor time, results, our can European hold live a session Relations Central access via
me Coty's Sue Coty's Joining presentation Laurent CFO. and Mercier, Nabi, our for CEO; are
that with I company Coty's would to cause I from the earnings could the today release remind to statements. lists forward-looking filed of like may many and hand contain to the the that Please results Before the differ over forward-looking comments these Sue, factors SEC, call where you refer actual reports to materially statements.
except the measures specified where in In of Coty's addition, as expectations financial non-GAAP release. noted, section financial Coty's results and the adjustments the of certain reflect company's discussion
to our CEO, I you. Thank Sue over will now it Nabi. turn
for beauty same beauty the The number a their and the of and of geopolitical which the midst the of half prioritize our disruptions momentum pillar convictions Olga, and first of market, everyone. of to are bring macroeconomic The and, market; that reinforce beauty. one, our disciplined fundamental including: the our and and number three, you, desire course, continue financial time, beauty further enabling the QX our in two, capabilities welcome, results execution. to the amazing global Coty's our several to well-being. innovations industry-leading and transformed and our At consumers in gravitate number industry-leading strengthen to exceptional market strength confirms capabilities of as brands consumers' brands; of strength attractiveness Thank Coty
of regions, categories growth in balanced our Beauty in on each cosmetics, agenda and both in bodycare of deliver across skincare, fragrances like-for-like Consumer our to and volumes, mix. with continuing are We of Prestige and our price each growth
and expansion, as deleveraging the We, the growth, steadily growth flow margin our outperforming this and operating that a is disciplined with a delivery EBITDA positioning is progress. therefore, financial of strong of sales market. sales, again our powerhouse continue deleveraging And sheet we once as ahead are untapped free growing and market, beauty generate growth ahead we robust significant company accompanied As still beauty by balance to potential. beauty target cash and result, profit the profit
the summarize results. me key messages Let our from
First, top-notch revenue we deliver of to ahead fueled by and of Coty's market-leading 'XX the both guidance innovations. continued first of for the expectations growth and icons beauty fiscal and strength successful the category raised half
of Our which quarter half and second in first first grew like-for-like Beauty our XX% growth like-for-like growth. contributed the Both and Prestige in updated 'XX QX XX% XX% guidance XX% in Prestige. the revenues the ahead in to of half, was outperformance strong to with Consumer
agenda balanced We growth by by volumes continue to supported drive complemented pricing. mix premiumized and our
line operating reinvestments we year-on-year in EBITDA and and both expansion profits QX, the income with in operating adjusted in in adjusted in margin. calendar Xx margin deleveraging the growing fueling strong despite I'm expansion once our key delivered business Second, EBITDA with growing that XX% we XX%, to exited again our a very in milestone guidance. 'XX of with leverage we met agenda year EBITDA confirm pleased as approximately
Third, execute our detail. pillars, to more progress growth which discuss we'll make we across continue strategic in and
signed portfolio. key our is very our strengthened And which to portfolio. brand, we extended years. the of strategic X our licenses, In with Prestige and Banani for Bruno over we we of part XX Beauty, progress, in As Marni, luxury Consumer further Prestige, license more Italian complementary Mexx a our
by strong fiscal outlook 'XX our delivery first Finally, in supported we reiterating the the of the half are very year.
XX%, Prestige plus plus driven range our expect plus X% X% by outperformance to continue fiscal in to of X%. like-for-like to midterm 'XX at We grow of to ahead plus revenues target
margin quarter EBITDA XX EPS growth, expansion, to of adjusted few swap. during as $X.XX adjusted our continue 'XX XX% revenue EBITDA take billion to modest growth. to I our moments will will strategic on quarter. our of the revenue a through excluding Then our finish our the adjusted gross of margin Laurent equity well the billion fiscal in to We trends XX% Starting $X.XX grew in performance. revenue expect our guidance to our cover XX revenue as XX%, expansion first the to you and points with of takes I basis now financials. raised XX% ahead update Like-for-like XX% before grew with outlook. and an coming XX% In progress half, second like-for-like
in first like-for-like QX XX% in Our and the Prestige XX% half. grew like-for-like business
QX sales Travel very growth Global Retail. APAC, across especially were percentage strong regions and all first and broad-based in half the and Americas The growth in strong with double-digit growth
Importantly, in QX and the X% key momentum levels In the broadly sellout that holidays inventory exited half. and like-for-like revenues meant retailers healthy markets. Beauty, strong Coty with category in grew Consumer in X% first like-for-like
momentum QX in Americas and Our Beauty and Consumer EMEA. categories by driven was growth all
additional a of in on like color to would bit Prestige. outperformance I provide the
don't we helpful performance, have in are our have fiscal Prestige data the frame on on which believe global sellout to we Prestige we While Coty's 'XX. estimates market, perfect performance internal Prestige
year-on-year XX% growth are continuing QX, our to both the in in both quarters XX% to and sell-out outperform growth the benefit while market, low revenue this revenue the as time, percentage. benefited growing the to fragrance be grew in was Prestige last recovery We Prestige we levels market challenges fragrance like-for-like supply from Prestige sell-out the QX XX%. estimate to close mid-single-digit very Our At service strong outperformed, to in and our the fragrance year. same following higher
by fueled Latin America. XX% like-for-like strong in first regions sales in and driven across grew XX% many continued like-for-like Pacific, in Consumer grew XX% by in lower quarter. half, inventory. the and America double-digit a and percentage Beauty double-digit In QX XX% Asia most the growth revenues like-for-like and contributed strong first were all half, the growth robust down quarter, with region, in XX% half, Geographically, markets in XX% growth regional like-for-like while In in China XX% revenues now revenue In QX in retail, in delivering percentage EMEA strong to mid-single-digit retailers grew the first percentage the In markets. quarter. growth by Americas, our QX revenues the like-for-like, work growth and as the Prestige travel of the grew in to North in
as of Elixir are is Gorgeous first this and mix. We growth the growth Goddess, Burberry stable, the by supported in important is driving Magnolia. like Consumer Bottled pricing Gucci of know that the In by of saw across by focused, Beauty in growth fragrance as our fueled mid- QX a it, core Boss balanced Volumes percentage and on high piece agenda Flora and to half, growth you success portfolio. sales An Prestige we combination the volumes, supported volume as single-digit Brazil. well business remained in launches balanced
low a As digits the total percentage. result, in for grew single company volumes the
high volume an grew percentage and estimated grew growth, to mix addition price other low In estimated single-digit an and percentage. single-digit
and drive in mix, and by Our coming this by to quarters growth balanced fueled years, intent premiumized volumes is to pricing. the continue complemented targeted
hand now to call will results. you our through financial take I Laurent to the over
marking strong that in ahead am current of macroeconomic with In QX results we operational expectations. the to Sue. results XXth performance to to share pleased financial quarter I consecutive the line you, continue deliver the of environment, Thank
commodities Beauty remained environment. chain begin well as strong COGS global levels transportation In into And expectations, Let's how we from stabilization in was benefiting in and XX%. inflationary at and Consumer with Prestige quarter-over-quarter on as line an inflation are the our QX, service approximately with as update moderated managing supply anticipated, very visibility our the and inflation.
It important moderation with to in management be We have being inflationary note through these general of price inflationary productivity, targeted second premiumization, we on inflation. very any In we by significantly half limited ease is expect inflation, COGS significant that been to to mix main of continue combination price inflation a future execution balancing increases. and and on will impacts fiscal remnant the the 'XX, with complemented increases. our
safety expectations Finally, inventory a as to headlines, represent dominating This have our that the headwind Sea see moderate does in flow for and free the limited purchasing some we highlight alternate currently stock. with from conflict using risk is year. build it been to cash this routes we Red a important
the trade provide fiscal for $XX our in of million. year-to-date $XXX investments. million. structural pipeline, approximately our savings Due our million, 'XX In approximately to strong increasing savings, million, an from are our to our driven we savings savings will bringing A&CP target quarter, cost $XXX total million delivered of update and fiscal outlook we $XX by are on material savings I All-in-to-Win project $XXX program. The now to second very over previous savings
Importantly, growth digital capabilities the helping and structural reinvestment fuel in are savings teams, in particularly and us increased skincare. our
our delivered and having equipped invest savings In over million strategic we we to processes reaffirm year, positioning of Looking million. to to continue to fully Coty our 'XX our savings and of date flexible priorities. in be sum, $XX optimize expenditures targets fiscal $XXX to next live
to year. last line margin margin performance. decreasing points was from our QX gross Moving in of with gross XX.X% XX adjusted by our basis expectations,
did gross was tied the by to margin adjusted support buildup adjusted and in excess largely and QX sequentially. in strong decrease the gross benefits levels margin obsolescence lower not QX recur. supply impact margin offset These productivity year, prior which were chain inflationary to the was partially the The quarter impacts Our increased by driven inventory service Prestige gross and pricing. to in business
in easing margin inflation half 'XX. margin In drive in fiscal gross COGS year adjusted fiscal which strong we significant expansion to support expect improvement, the of will year-over-year modest gross second 'XX,
multiyear our as We to will continue executing on our margins plan gross margin we and attack gross the mid-XXs beyond. drive multipart
investments. the you line expectations. X marketing our walk now year In sales, with in and percentage me approximately through Let decreasing from point QX, represented of our approximately A&CP prior XX%
and shift social of a toward activations, We media our now spend are for media continuing majority spend. account digital which to media
expect A&CP 'XX. the of in fiscal to in XXs level continue We sales to percentage high be
for to delivery the profit Moving our quarter.
operating adjusted driving of margin expansion. XX%, XX QX income points a basis strong Our grew
with Our the year-over-year grew XX% EBITDA QX QX to million XX.X%. XX EBITDA basis $XXX increasing margin to adjusted points adjusted
grew a adjusted XX%, XX% prior year XX year-to-date from operating the point resulting EBITDA basis growing in XX EBITDA the $XXX year-to-date totaled margin adjusted basis points. in increase Our with operating million, adjusted up adjusted margin and income
to expect strong our continue EPS. expansion We me margin that to and brings going adjusted forward. income growth And
price $X.XX to adjusted Our benefit of stock an increase on swap includes mark-to-market equity in the second the due the the $X.XX QX quarter. EPS from EPS diluted of
QX $X.XX. our swap, the to adjusted grew XX% EPS Excluding year-over-year
of year-over-year first and our from contribution of diluted X% For the and mark-to-market. swap equity grew net fiscal the no adjusted 'XX, half EPS had $X.XX
'XX, to ahead to certain year fiscal Looking I EPS. adjusted drivers outline of our like would
expense we QX, effective remains third, million; tax approximately in anticipate expect $XXX Swiss to year in in million in XX%. the interest light recorded second, the mid to we be discrete be tax anticipate rate, the net tax range; depreciation the high impact $XXX noncash now the to the we million we the onetime of First, the fiscal rate for change XXs in 'XX underlying the $XXX statutory million to and same $XX At excluding rate impact going for forward. adjusted the time, in the be
end our fully the share of increased February 'XX benefit equity count first the by to of and the partially attractive benefit swap million tranche share of Finally, QX share price while count, will very Paris we at by which outstanding million share approximately 'XX $X.XX, the agreement the XX on execute will XX due fiscal our QX of at QX issuance, count. of beginning
the a million free flow to prior from of to in cash free $XXX down flow. our vendor cash We XX% due year in phasing generated of payments. change the quarter, Moving
cash full to as fiscal the strategy. we drive capital to 'XX consistent to be solid our free and with expect we growth broadly working flow higher our Looking year, due
billion. with $X.X Moving net debt QX of to We approximately our capital structure. ended
to which As X.Xx in our the around our a from quarter 'XX we approximately cash at generation with approximately an at of profile, stake, end and economic Factoring Xx. calendar free exiting with the year of result, ended in leverage down flow line QX net of with We reach Xx X.Xx investment-grade targeting 'XX our and leverage remain committed Wella EBITDA believe target end reaching of organic calendar our around calendar we we was to approximately end the through leverage the X.Xx, can debt quarter and approximately exiting of $X.X expansion. 'XX, billion.
targeted by In second we XX reduction to will year 'XX, fiscal a to around 'XX. share tranche cash of calendar which third tranche Wella the by in of program shares XX track result cost of we the remain same a to of February with into of share quarter, stake million. we And million At equity swap our the million agreements end our swap of several a equity target first on count in agreement time, of also 'XX. continue $XXX execute at entered buyback the banks hedge divesting end approximately
Focusing our of to in our tender cash bonds first million balance XXXX a strong $XXX completed on outstanding 'XX. free flow fiscal up half sheet. of retire We to the based on
as This debt. speaks to financial our and to we our our strengthening continue flexibility actively balance reduce sheet
ahead, on steadily and expectation decline Looking years. down deleveraging strong our expense continued our coming for to interest pay debt progress in the support
I back it Sue progress review will to hand to strategic the our quarter. now in
you, Laurent. Thank
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multiple capitalize across Jovan, growth is presence to contributing and both mass and fragrances mass tailwinds on in allowing Bozzano. the Beckham, bodycare us percentage brands, Our Monange beauty double-digit to our in categories
Cosmetics, delivered percentage normalizing market growth closer has period. the Color low We pre-COVID in been the revenue to as growth even seen solid in the single-digit growth
our Hansen. in leading the in I'm are cosmetics this channel CoverGirl, gaining Sally Importantly, and that to including robust Rimmel mid-teens. e-commerce brands happy growth share remains share, growing category cosmetics channel, outperforming the And market in
CoverGirl, in in skinified Now turn milestone to a Foundation launched under by let innovation. Essence serum a CoverGirl's Skin makeup recently Ageless Simply me disruptive Perfector We've the offering new CoverGirl leadership marks launch distinctiveness is, foundation This complement whose accelerated first It our texture therefore, is to immediately visible. product and to perfect influencer capsules. strategy. ingredients with skincare mass the pigmented significantly is the
quarter's step by social drive disruptive underpinned the we to last earnings call, in actively media As we stronger build are order and engagement brands on discussed reach changing innovation. our our community
with different some of into Foundation launches hundreds we reach. While activations media with and the our our Essence initial results really promising. community included working Consumer over CoverGirl's are overdrive advocacy of And with put X,XXX social of previous scale Beauty strategy highly influencers, influencers
relationships of Duxbury, value alone, over driving has this reached The studios, over December. this including slide, by for with TikTok where brand. And And the is Miami, in is which influencer times video earned million see which full driving can over EMV in media we macro deeper post began posts for above other open, is were that influencer see multiple posts XX on you are already influencers TikTok results slide views, through to Meredith filmed the one we year. we the this $XX on you real major forging CoverGirl this the a million the generated on
has proud it makeup become at it appear that Amazon. months retailers, and so, key the I'm or available While to to CoverGirl already has shelves share now new beginning is been the on for #X only past Essence on launch online
across on launch, Going on to forward, Consumer hero continue disruptive other we advocacy, will just our overdrive innovations this not and Beauty products. but
brands, of the fragrance year. long-term lifestyle the Bruno on This presence and continue to portfolio. Europe, in our Bruno have of announced brands In drive Banani with with the license #X also we strong Consumer business, announced in Mexx. the renewal which #X heels we brands follows beauty a Banani we've Both lifestyle our the last Mexx key Germany. in week, Adidas, fragrance we as As X past consumer securing for license our extensions and Beauty growth are
over these we portfolio. extend broaden for and the partnerships as We are happy XX strengthen years to
consistent growing to close revenues Fragrance sophisticated the our accelerating time, strong Prestige At ongoing strong same consumers Turning with momentum QX, trajectory pillar, by to more in Prestige scents. and longer-lasting like-for-like our fragrances the QX. on demand luxury concentrated, momentum, growth fragrance across for XX% market business. our second focused The maintained premiumization continued of globe grew the seeking more are calendar index XX%, driven fragrance its and In as the 'XX. fragrance
the of levels year-on-year low grew sales, As prestige sell-out call, mid-single-digit at teens while percentage Prestige I to our estimated our percentage outperforming sell-in the underlying the in in low recovery discussed start the an benefit to service represented and the market. our
half. a The is strong broad-based that first momentum double-digit in in the portfolio our the sales X of confirmed grew brands fact like-for-like for by each by top fragrance Prestige our percentage
Within seeing to launch the remains female key markets. These fragrance are Eau Consistent fragrance to Prestige Parfum Burberry Goddess in X biggest the exceptional strong Coty performance into the Goddess with initial results launch, Burberry's ever. last across be months we de launch the be fragrance shared our Burberry momentum we quarter, the position exceptional. results #X portfolio, continues
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disruptive Coty's capabilities All distinctive fragrance reaffirm of marketing as all consumers in-store activating best-in-class and across end-to-end from leading campaigns developing mixes, which regions these with activations. to a with resonates expert winning and finally, position online X
strongly resonates with in license long-term this and is reinforces have brand forged collections focused the As license premium the Marni portfolio. to our really founded XXXX, a our excited share into young with for luxury with fragrances extending we XXXX. Europe. an in extend known on entered agreement The further beyond Marni, partnerships and I'm Asia in cosmetics. license that we strengthen to Prestige we artistic Italian With portfolio, option its consumers
complements points. way it our Prestige which geographies Marni and about different portfolio with with price the excited consumer different very are territories, different in brands spanning our partnership and We
saw business. growth We continuing like-for-like half to brands in in Prestige Prestige fiscal 'XX. makeup second quarter the all In we makeup growing percentage first are also and of QX, double-digit strengthen our with
the expanding quarter, actively we the brand Kylie concealer Kylie Cosmetics, For of Power launched complexion. last Plush assortment the into
makeup palette Burberry SKKN makeup have XX double-digit by direct-to-consumer exceeded SKKN sales significantly you with Kim's launched selling And delivered X like percentage out. may the growth SKUs also January eyeshadow we Kim in day only. as by We some seen, already in makeup. expectations our on
for skincare off and Shifting skincare now marketing of iconic business. and commercial we to strategies the portfolio distinct and Philosophy, positionings of and last the to with continuing for our our Orveda. one in adjust remains are third fortunate outstanding it and scientific and tempered remains China immense Having of Coty, kicked tweaking accommodate consumer and skincare the claims, strategy learn of be spring, to white in views platforms. reinforce beauty with acceleration space are growing the environment strategic especially behind a is time, Lancaster our our we skincare key our At media patents technologies brands which are social building pillar, skincare certain and to changes, and brands, same opportunities consumer a we this the more the take dominance the on dynamic, very strong market Skincare market biggest world. and to preferences
even Lancaster we ROI repair time, skincare the the leading benefits and the Europe The QX, percentage UV At China. in and At skincare protection efficacious we Ligne newly Ligne best our credentials same brand of as discover had that from UV each accelerate Lancaster's Princiere. photo formulas perspective, the and of on same Princiere market of the the the of growth Lancaster's X will see which that months. activation mix introduced life underscored best-in-class, China In is growth. data by protection over consumers when reputation in and see past marketing coming as the strong few communicate across a awards help pillars strength garnered and Hero they confirms Lancaster in full Lancaster's the and new revenue of line has Lancaster-based double-digit China, time, the aging
year-over-year the Similarly, continues revenue importantly, more skincare turnaround on outperformance after Hero this quarter the being Philosophy, growth results. third sluggish by brand's with of driven lines. growth of years brand's is consecutive in And the
top many still of into the more retailing, learnings and doors we at opened exclusive end limited. marked we distribution Paris through marks and the events New our in Orveda the we step very strong our luxury than of brand's Switzerland, And sales. the for Orveda's while into received been major Orveda, whether purpose, translating fashion remains Coty's awards milestone major This here. we momentum have boutique we around is the as York partnerships, to as On leading at in the on generating have points The shows retailers the growing first-ever brand, productivity look entry Finally, for a buzz many, Maison doubled of year-over-year. we overall December, and have Orveda sharing from Shanghai. forward build our a in and
of our In digital a e-commerce over growth QX, divisions to and with e-com like-for-like. strategic Moving both revenues momentum sales XX% very e-com. delivered fourth strong overall pillar,
in XX% fact, approximately sales our sales second quarter, growth. the drove like-for-like In of e-com
the As again both percentage. basis grow and momentum and that the by our and was in key success shopping in accelerating e-com increasing digital participation penetration approximately resulting our points low launches, portfolio our ahead best-in-class online advocacy It's competitiveness. a this market Beauty active achieved highlighting through growth digital in Prestige Consumer We've expanded share our same e-com e-commerce of once e-com total result, the time, worth and e-com the online in that while premiumizing underlying media of XXs strategy penetration at the trends. events XXX
strategic pillar, our our to Moving presence building China. in fifth
market from business. market, Prestige Prestige our Prestige low strongly the Our Hainan, a by driven declined China, by in sales like-for-like like-for-like Gucci QX our and sell-out quarter, significantly quadruped Mainland standpoint, X%. in Burberry, including grew China percentage grew base. Chloe, led a our at In outpaced the our year-on-year double-digit revenues, From Hainan a sales Prestige XX%, the beauty business growing while while
accounts revenues our due declined a the inventory. sales, fraction On for which trade to Beauty elevated China side, of Consumer
the our that market adoption one as up long premiumize our Prestige move category to have both We in same to China see fragrance portfolio significant continue consumers outperform of the China time. overall Prestige This and the in with Chinese but curve small continued beauty at skincare several the Prestige short makeup the conviction portfolio, opportunities the and term. reinforces and us and growing fragrance remains leading for fragrance
we sales see Finally, momentum 'XX, Travel QX first over sales. half grew growth continuing Retail and XX% like-for-like our in to in Retail over Travel are XX% 'XX. outstanding of In the coming on top of fiscal
seeing across and with are Americas we all the this growth regions in sales Retail momentum Pacific. double-digit percentage Importantly, Travel Europe, Asia
expansion have by gain presence. high-growth fueled our multi-category expansion, forward, course, retail X profitable launch Retail growing in innovation to the exclusivities, We slowdown sum, and travel the Retail consumers channel a the And travel. continued consumer fueled amongst aren't desire looking our to coupled successful as long all seeing opportunity Travel regions, around we travel by and and see in share Travel both short term, we globe, category highly In distribution for in of strategy. a key us, with
in strategic highlight past I a and sixth this like XX, fiscal of becoming year. would our 'XX a our to now leader Turning issued we sustainability report. few On November pillar, our to final accomplishments sustainability.
our zero. on we operations, First, own recycling and goals science-based And setting emissions with exceeded net our emissions set we rate. XXXX from committed targets energy for to reduction reduction
gender leadership. towards progress balanced continued to also make We
Committee of location. our neutral to we for pillar, of our all proud fully global of part regardless paid leave fact, our women. announce the majority leaders minimum we people's XX our the incredibly or were and Executive Board And XX% our policy of gender to are and to that employees In a parental set weeks dedication gender expanded of as
I'm That up, sustainability in fiscal continue our sustainability of sum our guided journey by made in and framework. to Lasts be very beyond and the Beauty To proud progress will 'XX
that brings our me fiscal outlook And for to 'XX.
half. I our half we a wanted the discuss expectations to the delivered I first for take our and in minute second the guidance, have results frame to Before
but for overall market well last the historical you consumer know, As has beauty, levels post-COVID a been the of reflecting even so particularly over growing beauty X ahead for strong more recovery both appetite years, the fragrances.
have our opportunities. elevated on that levels normalization, assumptions based been these would market capture growth continue own and by white growth market indefinitely. And some our our share outperformance consistent were expectation space in as medium-term we amplified We not
to in the Beauty, strong and the of years remains percentage historical normalizes half Prestige for in growth Entering headwind the stopped market Consumer the be medium-term This high in outperform fragrances, with mid-single-digit like-for-like to market. half, of to a the the our percentage trends to fiscal exceptional And in Prestige even sellout outperforming consistent mid-single-digit are the continue to still closer market as to estimated growth to our is the expected category. with here expected as we line the improvement growth sales percentage the service past second trends. conjunction single-digit above due 'XX, This see our medium-term category, we we market mid- beauty second the X low in expect our see percentage which mid-single-digit while difficult with growth to expectations. And year with broadly as trends. you their retailers, can the levels. revenues last growth low growth Mass an to on supply comparisons consistent low this And will again in historical in slide, includes levels. expect Beauty,
outlook backdrop, the With for share our let half. second this me
Prestige. the 'XX We in in second plus outperformance again, revenue expect like-for-like plus fiscal growth of the to with, X% half X%
our of a Lacoste to should X%. $X.XX. strong revenues excluding improvement year-over-year license the we reported gross in estimate to equity approximately On For X% half we from headwind drive expect half, to adjusted And EPS, the margins, divestiture significant $X.XX of easing swap of second inflation growth adjusted margins. of the to in X% revenues the second ForEx and the a headwind
'XX license to we to include continue are reported fiscal expect revenues in of in expected from we fiscal Prestige. outperformance benefit second Fiscal X% year a by the grow half half. to XX% headwind 'XX previous For still the to the like-for-like, divestiture the full which with of revenues and Lacoste X% 'XX, X% line recognized in scope from the ForEx to zero and a supported concentrated first X% for to in guidance
expect as gross abate. to year-on-year, margin year-on-year growth continue driven the modest algorithm, our We fiscal improvement by margins second margin the pressures 'XX half gross consistent half first expansion gross in strong in with
margin We EBITDA to expansion of continue target EBITDA adjusted billion points, based basis current ForEx implying XX X.XX to fiscal rates. $X.XX XX to on 'XX adjusted billion of
adjusted all returns. with financial backdrop, with attractive delivering ongoing of active 'XX and opportunities XX% on 'XX and benefiting EPS, the position approximately implying while years calendar also We consumers growth the X deleveraging in calendar medium-term still are to reduction a momentum EBITDA categories we to we algorithm remains by leverage continue To across X.Xx fiscal market are of and to And our best-in-class core early exiting laid we approximately estimate $X.XX, our total the a we sum out and growth of Xx white the target XX%. up, excluding pursuing. capital wins space over very exiting are successfully strong trends. fueled $X.XX further favorite And equity expansion. in holding resilient, cash ago. the generation 'XX executing beauty from this swap strategy world premiumization In we
XXXth are by many us. the we celebrate have in progress Coty and made we opportunities of pioneer, front a as sum, we the of are as energized In anniversary of the beauty proud
call remarks joining for our today. prepared you Thank
a on Central we'll question-and-answer at a.m. be European session hosting p.m. time. X:XX X, or X:XX Time Eastern reminder, As February Thursday, separate a
analysts seeing at presenting Florida CAGNY investors you. We Conference Boca our many Thank and XX in the on will also and there. forward Raton, look to Feb be of
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