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Q2-21: Natura &Co reports sales growth of 36%, again outperforming the CFT market, with net income increasing to R$235 million


News provided by

Natura &Co

12 Aug, 2021, 23:05 GMT

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Double-digit-growth in all businesses, including Avon both in Latam and International

Significant advances in first year of 2030 Sustainability Vision

SÃO PAULO, Aug. 13, 2021 /PRNewswire/ -- Natura &Co (NYSE – NTCO; B3 – NTCO3) recorded another quarter of double-digit revenue growth in the second quarter, again outperforming the global Cosmetics, Fragrance, and Toiletries market, while net income grew strongly to R$235 million, supported by new gains from Avon's integration.  

Consolidated net revenue in Q2 stood at R$9.5 billion, up 36.2% in Brazilian Reais and 31.7% at constant currency, driven by double-digit sales growth at all four of the Group's iconic brands and businesses. Adjusted EBITDA, which excludes transformation costs, costs to achieve synergies, Avon-related acquisition effects and non-recurring effects, rose 31.9% to R$811.2 million, with margin of 8.5%. Adjusted EBITDA margin was down 30 basis points year-on-year as last year's Q2 margin was supported by one-off pandemic-related effects of cost containment and government support. Excluding these effects, adjusted EBITDA margin would have improved by 210 basis points this quarter. In first-half 2021, adjusted EBITDA margin reached 9.4%, +120 basis points above last year in the same period.

This strong Q2 performance was driven by growth across the board and strong sales in digital social selling and e-commerce across all brands, despite continued impacts from Covid-19 in key markets. Digitally-enabled sales, which include online sales (e-commerce + social selling) and relationship selling using our main digital apps, reached 51% of total revenue. While the reopening of stores led to a rebalancing between channels, with retail regaining some momentum, notably at The Body Shop and Aesop, online sales are four times above their Q2-19 pre-pandemic levels and represented 10% of total sales (15% in Q2-20, at the height of the pandemic). &Co Pay, our digital payments platform, showed encouraging expansion at Natura Brazil, with accounts increasing by 50% to more than 220,000 in six months and total payment  volume ("TPV") reaching almost R$2.0 billion in the first half.  

Avon's integration is progressing well. Beyond strong revenue growth by the Avon brand in Brazil, Hispanic Latam and Avon International, we saw market share gains vs both 2020 and 2019 in key markets. Pilots of the new commercial model showed positive initial results and overall representative satisfaction has increased. Synergies achieved, at US$76.5 million in the first half, are in line with estimates. Avon International's Transformation Plan is advancing and its EBITDA margin remained broadly stable despite higher investments in digital, IT and marketing to drive future growth.

In June, Natura &Co also marked the first anniversary of its Commitment to Life – 2030 Sustainability Vision. In the quarter, the group announced the launch of a new data tool to aid conservation of the Amazon and unveiled its ambitions to be the first multinational to ensure that its workforce reflects the demographic composition of the societies in which it operates.

Roberto Marques, Executive Chairman and Group CEO, declared: "Natura &Co turned in another strong performance in the second quarter despite a persistently challenging environment, demonstrating again the relevance of our multichannel model, the powerful appeal of our brands and products and unparalleled direct-to-customer reach. All of our brands and businesses posted double-digit growth and we once again outperformed the global CFT market. We also reported new advances at all our brands across the three pillars that comprise our sustainability vision for 2030.  The transformation and integration of Avon is advancing well, and we are on track to achieve our 2023 guidance of high single-digit sales growth on a compound annual basis and mid-teens EBITDA margin."

Natura &Co Latam's net revenue increased by 39.2% in BRL in Q2. The Natura brand's net revenue rose by 25.0% in BRL, with growth both in Brazil (+8.0%), supported by strong Mother's Day and Valentine's Day campaigns, and Hispanic Latam (+67.8%). Mexico became Natura's biggest market in sales after Brazil. Online sales at the Natura brand are 4.3 times their pre-pandemic levels. The Avon brand's net revenue increased by a strong 59.3% in BRL, with Brazil up 26.2% and Hispanic Latam up 83.0%. Adjusted EBITDA for Natura &Co Latam surged 60.2% to R$597.8 million, with margin of 10.8%, up 140 bps.

Avon International posted strong Q2 net revenue growth of 33.6% in BRL, with market share gains in its key countries and categories. Online sales are 2.7 times their pre-pandemic level. Adjusted EBITDA was up 30%, to R$94.3 million, with 4.3% margin (-10 bps), as strong sales leverage and transformation savings offset the impact of higher inflation and increased investments in areas such as digital and IT to accelerate future growth.

The Body Shop posted another strong quarter, with net revenue increasing 24.3% in BRL, supported by strong growth in retail and with growth in all of its regions despite 18% lost store days in Q2. Online and The Body Shop At Home sales combined are 2.6 times pre-pandemic levels. EBITDA in Q2 rose 9.2% to R$158.6 million, with margin of 13.0% (-180 bps). Excluding pandemic-related one-off effects in Q2-20 of cost containment and government support, EBITDA margin would have increased 450 basis points.  

Aesop posted another outstanding performance, with strong double-digit growth in both sales and profitability. Net sales grew 47.0% in Q2 in BRL, with growth in all regions, led by Asia and the Americas, despite 11% lost store days. E-commerce sales are 2.3 times their pre-pandemic level. EBITDA rose 14.8% to R$117.8 million, with margin of 21.0% (-580 bps). Excluding one-offs related to the pandemic, EBITDA margin would have increased 90 basis point as well.

About Natura &Co

Natura &Co is a global, purpose-driven, multi-channel and multi-brand cosmetics group which includes Avon, Natura, The Body Shop and Aesop. Natura &Co posted net revenues of R$36.9 billion in 2020. The four companies that form the group are committed to generating positive economic, social and environmental impact. For 130 years Avon has stood for women: providing innovative, quality beauty products which are primarily sold to women, through women. Founded in 1969, Natura is a Brazilian multinational in the cosmetics and personal care segment, leader in direct sales. Founded in 1976 in Brighton, England, by Anita Roddick, The Body Shop is a global beauty brand that seeks to make a positive difference in the world. The Australian beauty brand Aesop was established in 1987 with a quest to create a range of superlative products for skin, hair and the body.

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