Intercos Q1 Net Sales Up 34% to $263 Million
- Chaileedo Press
- May 6, 2023
- 2 min read
Intercos, the Italian cosmetic manufacturer, reported net sales of €234.6 million ($263 Million) in 2023 Q1, representing a growth rate of 34% based on reported rates or 33% based on constant rates.
Intercos, the Italian cosmetic manufacturer, well-known for its color cosmetic, reported net sales of €234.6 million ($263 Million) in 2023 Q1, increasing by €59.9m ($67.15 Million) compared to 1Q22 , representing a growth rate of 34% based on reported rates or 33% based on constant rates.
In terms of business units, make up business saw a significant increase of 35% in 1Q23. This growth was observed across all commercial areas and types of clients, and was evident in all market segments, including both prestige and mass markets.
Skincare business reported 8% growth in 1Q23, which was mainly driven by US good performance.
The net sales for Hair & Body business posted a significant growth of 53% in 1Q23. This growth can be attributed to the new agreements that were signed with some new brands, such as Dolce & Gabbana Beauty. As a result, the company anticipates strong growth rates in the medium term for this segment.
In terms of geographical region, EMEA region reported 44% growth in net sales, which was driven by strong performances in the Make-up and Hair & Body segments.
Americas saw growth of 28%, which was supported by strong results from both Multinationals and Emerging Brands and in both prestige and mass segments.
While in Asia, Intercos net sales increased by 17% 1Q23, which was primarily driven by Korea. Korea continues to perform significantly better than the rest of the region. Additionally, China also showed positive results in the first quarter of the year.
Intercos now has revised its forecast for FY23 net sales, which are expected to increase in the range of 12% to 14% at constant exchange rates. This represents a significant increase compared to the 8% to 11% communicated at the end of FY22.
The company expects the revenue generation to be more more homogeneous between the different quarters of FY23, unlike what happened in FY22. The company expects that most of the growth compared to the previous year will be concentrated in the first half of the current fiscal year due to comparable reasons.
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