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CONSUMER CYCLICALS: Coty; 1H (to Dec) results

CONSUMER CYCLICALS

(secured; Ba2 Pos/ BBB-/BBB-) 

Results missed guidance for LFL +3-4% sales growth, margins continued to expand though leaving credit impact limited (short-end debt only). Guidance has now shifted to revenue falls ahead as growth normalises. The problem areas for market remain the more affordable mass beauty and China and travel retail - Coty is low exposed to both.

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(secured; Ba2 Pos/ BBB-/BBB-) 

Results missed guidance for LFL +3-4% sales growth, margins continued to expand though leaving credit impact limited (short-end debt only). Guidance has now shifted to revenue falls ahead as growth normalises. The problem areas for market remain the more affordable mass beauty and China and travel retail - Coty is low exposed to both.

Keep reading...Show less