Coty Inc. (NYSE:COTY) Q4 2023 Earnings Conference Call August 22, 2023 7:20 AM ET

Company Participants

Olga Levinzon - Senior Vice President of Investor Relations

Sue Nabi - Chief Executive Officer

Laurent Mercier - Chief Financial Officer

Conference Call Participants

Filippo Falorni - Citi

Javier Escalante - Evercore ISI

Anna Lizzul - Bank of America

Korinne Wolfmeyer - Piper Sandler

Olivia Tong - Raymond James

Chris Carey - Wells Fargo Securities

Andrea Teixeira - JPMorgan

Linda Bolton - Davidson

Mark Astrachan - Stifel

Ashley Helgans - Jefferies

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 Fourth Quarter and 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 CFO.

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.

I am very happy to share that today's fiscal '23 results mark the third consecutive year of Coty delivering strong financial, operational and strategic performance. This is also the 12th consecutive quarter of the company reporting results inline to ahead of expectations. These accomplishments are the result of the focus and agility across the full Coty organization as we continue to amplify our strengths, adjust to evolving market conditions, and capture new opportunities. In fact, our Q4 and fiscal '23 results are again amongst the best in our competitive set, speaking to the power of the Coty business.

Looking externally, beauty demand remains resilient across our key categories and geographies, in the midst of the current macroeconomic uncertainty, with no signs of trade-down, while the famous fragrance index we have been discussing for over a year shows no sign of slowing. In fact, the beauty category continues to be a standout in key markets like the U.S., as the only category to grow volumes in the last six months amongst all CPG and general merchandise categories, speaking to the beauty industry's ability to meet consumers' emotional needs.