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Wednesday, November 7, 2018

=Coty (COTY) reported earnings on Tue 6 Nov 2018 (b/o)

Coty beats by $0.03, misses on revs
Reports Q1 (Sep) earnings of $0.11 per share, $0.03 better than the S&P Capital IQ Consensus of $0.08; revenues fell 9.2% year/year to $2.03 bln vs the $2.17 bln S&P Capital IQ Consensus.
  • Adjusted gross margin weakened by 120 bps to 60.4% due to supply chain disruptions
  • Coty CEO Camillo Pane said, "We are very disappointed with the supply chain disruptions that we have experienced over the last quarter and the resulting poor Q1 financial performance. While we had anticipated some level of disruption in the first quarter from warehousing and planning consolidation, the increased scope of the disruptions resulted in much weaker results than previously expected. We have been working to remedy the supply chain issues and expect to temper the headwinds in 2Q19, and have them be substantially resolved in 3Q19, although we do not expect to fully recover the 1Q19 financial impact in the balance of FY19.

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