Executive Summary

• Coty’s fiscal 4Q19 revenues declined 8% to $2.12 billion, meeting the consensus estimate. Adjusted EPS was $0.16, up 14.3%, in line with consensus estimate. 
• By division, sales in the luxury division (the company’s largest division) increased 5.8% year over year (YoY), consumer beauty sales declined 11.5% YoY, and professional beauty revenues declined 3.1% YoY. 
• Guidance for FY20 is adjusted earnings per share (EPS) of mid-single-digit growth, stable to slightly lower like-for-like (LFL) net revenues, and adjusted operating net income growth of 5-10% YoY at constant foreign exchange rates.