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Prestige Beauty Retailers

CONSUMER CYCLICALS
  • Prestige Beauty retailer Ulta's earnings is driving some weakness in its stock in pre-market (-8%) - there's limited pass-through to Coty thus far. Equity takes; {NSN SADSN5T0AFB4 <GO>}. We see guidance for FY24 comparable sales at +4-5% as stronger than the consensus heading into it (~ +3.5%).
  • Coty € 26/28's (1st lien/secured; Ba2, BB+, BB+; Triple Positive) are -2-7bps tighter today (it prices as IG so we quote moves in spreads). Its a name that screened tight to us soon after earnings (posted a strong rally) - its reversed some of that recently but against VFC 26's still trades 25bps tighter & 10bps tighter on the 28's.
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  • Prestige Beauty retailer Ulta's earnings is driving some weakness in its stock in pre-market (-8%) - there's limited pass-through to Coty thus far. Equity takes; {NSN SADSN5T0AFB4 <GO>}. We see guidance for FY24 comparable sales at +4-5% as stronger than the consensus heading into it (~ +3.5%).
  • Coty € 26/28's (1st lien/secured; Ba2, BB+, BB+; Triple Positive) are -2-7bps tighter today (it prices as IG so we quote moves in spreads). Its a name that screened tight to us soon after earnings (posted a strong rally) - its reversed some of that recently but against VFC 26's still trades 25bps tighter & 10bps tighter on the 28's.