Coty Inc. (NYSE:COTY) Q3 2023 Earnings Conference Call May 9, 2023 8:15 AM ET

Company Participants

Olga Levinzon - VP, IR

Sue Nabi - Chief Executive Officer

Laurent Mercier - Chief Financial Officer

Conference Call Participants

Steve Powers - Deutsche Bank

Rob Ottenstein - Citi

Korinne Wolfmeyer - Piper Sandler

Chris Carey - Wells Fargo Securities

Lauren Lieberman - Barclays

Olivia Tong - Raymond James

Andrea Teixeira - JPMorgan

Olga Levinzon

Good morning and good afternoon, 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 Third Quarter Fiscal 2023 earnings. Later this morning, at approximately 8:15 a.m. Eastern time, we will hold a separate live Q&A session on today's results, which you can access via our investor relations website.

Joining me this morning for our presentation are Sue Nabi, Coty's CEO; and Laurent Mercier, Coty's.

Before I hand the call over to Sue, I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC, where the company lists factors that could cause actual results to differ materially from these forward-looking statements. In addition, except where noted, the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release.

Thank you. I will now turn it over to our CEO, Sue Nabi.

Sue Nabi

Thank you, Olga. Welcome, everyone. We are once again proud to report strong operational and financial performance, with today's Q3 results marking the 11th consecutive quarter of results in-line to ahead of expectations.

In a complex global environment, beauty remained an advantaged category with consumers at the sweet spot of affordable luxury, self-care and confidence boosting. We saw no signs of slowing in consumers' appetite for fragrances, as the fragrance index, as we like to call it, remained in full effect. And we once again delivered another quarter of balanced growth with like-for-like growth across both divisions across each of our regions; and across our key categories, including fragrances, cosmetics and body care. This has allowed us to again report sales growth above the underlying beauty market. As a result, we continue to target growing our sales ahead of the beauty market, growing our profit ahead of sales and steadily deleveraging our balance sheet, positioning our company to become a true beauty powerhouse.