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    Breaking News

    Natura & Co Doubles Net Income

    The company's second quarter, marked by the news of the acquisition of Avon, showed revenue growth for the Natura brand, Aesop and The Body Shop.

    Natura & Co Doubles Net Income
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    08.15.19

    Natura &Co posted another strong performance in the second quarter of 2019, with net income more than doubling and revenue growth in all three brands -- Natura, The Body Shop, and Aesop. 

    The quarter was marked by the announcement on May 22 of the transformational acquisition of Avon Products, Inc, which makes Natura &Co the world's fourth-largest pure play beauty group and a leader in Direct-to-Consumer.

    The group also took an important step by making its first major sustainability commitment. Ahead of the UN Climate Action Summit in September, Natura &Co joined 27 other companies in a pledge to hold the increase in the global average temperature to 1.5°C above pre-industrial levels and reach net-zero emissions by 2050.

    Natura &Co's consolidated net revenue reached R$3.4 billion, up 9.8% on a reported basis and up 7.7% on an adjusted basis. EBITDA rose 27% to R$424.7 million, while adjusted EBITDA rose 10.6% to R$411.3 million. Net income increased nearly 110% to R$66.6 million.

    Roberto Marques, executive chairman of Natura &Co, comments, "With strong revenue growth, a double-digit increase in adjusted EBITDA and a doubling in net income, Natura &Co posted another very solid set of results in Q2. All three of our existing brands and businesses contributed to this strong performance while making further progress in their sustainability agendas."

    Marques continues to say the Avon transaction is expected to close in the first quarter of 2020 -- and this acquisition is a decisive step in the creation of a global multi-brand, multi-channel, purpose-driven group.

    Marques says, "We expect to close the transaction as planned in the first quarter of 2020. We are energized by the prospect of working with Avon and its representatives, reinvesting the target synergies to accelerate growth and further strengthen Natura &Co as a force for good in the industry."

    The Natura Brand

    The Natura brand's adjusted net revenue in Brazil was up 6.7% in Q2, driven by strong Mother's Day and Valentine's Day campaigns.

    Productivity per consultant rose for the 11th consecutive quarter, by 7.9%, and Natura's digital platform continues to advance, with 680,000 consultants using it. Latin America also saw solid growth of 5.3% in adjusted net revenue in Reais and a stronger 17.3% in constant currency. Argentina posted a strong performance despite a challenging market environment, and Mexico and Colombia also delivered growth.

    Natura's consolidated adjusted EBITDA rose 6.5% to nearly R$366 million.

    The Body Shop

    The Body Shop's transformation plan showed further encouraging results. Net revenue was up 7.5% in Brazilian Reais and 2.6% in constant currency in Q2. 

    Like-for-like own-store sales grew 6.7% in the UK, underscoring the brand's growing attractiveness in its biggest market. Continued efficiency gains drove an 87.1% rise in adjusted EBITDA, excluding the expected transformation costs.

    Aesop

    Aesop delivered yet another quarter of solid growth. Revenue increased 20.7% in Reais and 9.2% at constant currency. Like-for-like retail sales growth was 5% in the quarter, and Aesop opened six new signature stores in the period, bringing the total to 236. Q2-19 EBITDA grew by 27.4%.

    Natura &Co's net-debt-to-EBITDA ratio stood at 2.83 times in Q2, decreasing from 3.30x in Q2-18. The group is on track to achieve its target of reducing the company's leverage to the pre-The Body Shop acquisition level of 1.4 times by 2021.

    Photo: NaturaBrasil's Rainforest fragrance; The Body Shop's Body Butter; and Aesop. 

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