The company reported net revenues of $1,690.5 million, down 13% year over year. Since the previous quarter, net revenues improved each month.
Prestige net revenues of $644.1 million, or 57.3% of Coty continuing operations, decreased 20.2%. Mass net revenues of 479.8 million, or 43% of Coty continuing operations, decreased 20.6%.
Comments from CEO
"Our first quarter results are a testament that a stronger, more focused and more flexible Coty, is emerging in the middle of the Covid-19 pandemic and better prepared to face any future market disruptions. Impressively, the organization has continued to adapt to the new normal, executing on our financial and operational priorities, including profit and cash flow protection, strong innovation performance, e-commerce momentum, and strengthened positioning in core markets,” commented Sue Y. Nabi, Coty’s CEO.
She continued, “Our results met or exceeded our expectations by all measures, showing significant improvement from 4Q20 across all of our regions, and across our prestige and mass businesses. Our stringent cost control enabled over 20% growth in our adjusted operating income and over 50% growth of the total company EPS.”
“The success of our recent launches, including Marc Jacobs Perfect, Gucci's Bloom Profumo di Fiori, Sally Hansen's good.kind.pure, and CoverGirl's Clean Fresh, confirm the strength and enduring potential of our brand portfolio. As we have leaned into our digital efforts and activation, we have seen double-to-triple digit e-commerce sell-out growth across most markets, with our e-commerce penetration as a percentage of our overall sales doubling to 13%. As a result, we have strengthened our positions in our core markets, gaining market share in prestige fragrances across the U.S., U.K, and Germany, and stabilizing our mass color cosmetics market share in the U.S,” Nabi added. “After several months in the CEO role, I am as convinced as ever that we've put in place the right foundations to unleash Coty's huge potential. Coty is now ready to grow in all core regions, categories and price positions across the market."