Coty(US:COTY)2024-08-20 23:06FY24 Performance - Coty's LFL sales, adjusted EBITDA, and EPS experienced double-digit percentage growth[2] - Coty outperformed the global beauty market with an +11% LFL growth compared to the market's ~9% growth[3] - FY24 LFL results included a 1% contribution from the Argentina hyperinflationary environment[3, 5] Financial Results & FY25 Guidance - Strong revenue growth was observed, increasing from ~$4.6 billion in FY21 to ~$6.1 billion in FY24[5] - Adjusted gross margin increased by +50bps, and adjusted operating margin increased by +80bps[5] - Adjusted EBITDA grew significantly by +12% year-over-year[6] reaching $1,091 million in FY24[7] - Adjusted EPS (excluding the equity swap) grew strongly by +26% year-over-year[8] reaching $0.48 in FY24[8] - The company significantly reduced leverage, from ~4.7x in FY22 to ~3.3x in FY24, including ~$370 million in free cash flow in FY24[9] - FY25 guidance includes revenue LFL in line with a medium-term target of +6-8% LFL, and adjusted EBITDA growth of +9-11% to $1,186-1,208 million[10] Growth Drivers - E-commerce grew by ~20% LFL year-over-year and represents ~20% of the FY24 revenue mix[15] - Travel retail experienced +21% LFL growth and represents 9% of the FY24 revenue mix[16, 18] - Growth engine markets grew by +17% LFL in FY24 and represent ~22% of Coty's sales[16, 30]