Coty Inc. (NYSE:COTY) Q2 2019 Earnings Conference Call Transcript

Feb 08, 2019 • 08:00 am ET


Coty Inc. (NYSE:COTY) Q2 2019 Earnings Conference Call Transcript


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Good morning, ladies and gentlemen. My name is Maria, and I'll be your conference operator today. At this time, I would like to welcome everyone to Coty's Fiscal Second Quarter 2019 Results Conference Call.

(Operator Instructions)

On today's call are Pierre Laubies, Chief Executive Officer; Pierre-Andre Terisse, Chief Financial Officer; and Ayesha Zafar, Group Controller. I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC, where the Company lists factors that could cause actual results to differ materially from these forward-looking statements. All commentary on organic net revenue reflect the comparison of the business at constant currency in the current and prior year period excluding the impact of acquisitions and divestitures. In addition, except where noted, the discussion of our financial results and our expectations reflect certain adjustments as specified in the non-GAAP financial measures section of our earnings release. You can find the bridge from GAAP to non-GAAP results in the reconciliation tables in the earnings release.

I will now turn the call over to Mr. Laubies.

Pierre Laubies

Thank you, Maria. And welcome everybody to Coty's fiscal 2019 second quarter conference call. I'm very happy to be participating in my first earnings call since joining Coty; actually, it is my first ever earnings call since I've been working private businesses all my life. I'm also very pleased to have Pierre-Andre Terisse here with us as our newly appointed Chief Financial Officer. And Pierre-Andre and I will walk you through the second quarter financials, and then we will together take questions. We also have with us on the call Ayesha Zafar, who has served as our interim Chief Financial Officer over the past five months. Before diving into the details of our business, let me just acknowledge that I've been with Coty for fewer than three months and Pierre-Andre has been with us for one week. So, therefore, we are very much still in the learning phase about our business. We will do our best to answer all of your questions on the call today and would expect to do so on the future ones. Today is clearly a bit of an unusual situation, and there may be questions that will need the Investor Relations team to get back to you on as appropriate.

Since I joined the Company, I've been discovering each part of our business, aiming to assess what is and what is not working and where the opportunities lie. As a result, I have not yet had the chance to speak to many of you directly, but I look forward to doing so as we conclude our assessment and finalize our strategic plan.

Before we get into the substance of our last quarter, I thought that it would be appropriate for me to share a bit of my background as well as some introductory remarks and initial observations about Coty. As you may know, I spent most of my career