Natura
May 9, 2023
SÃO PAULO, May 9, 2023 --
Natura &Co Holding reported first-quarter 2023 consolidated net revenue of 8.0 billion reais, up 3.4 percent at constant currency but down 2.8 percent in reais. Gross margin rose 370 basis points to 67.7 percent and adjusted EBITDA margin rose 330 basis points to 10.5 percent. Net loss was 652.4 million reais, broadly in line with the year-earlier loss and improved sequentially. Cash ended the quarter at about 4 billion reais.
Natura &Co Latam net sales rose 9 percent in constant currency, led by 25.1 percent growth at the Natura brand, while the Avon brand in the region fell 9.8 percent in constant currency. Avon International revenue fell 7.5 percent in constant currency. Aesop rose 16.8 percent in constant currency and was classified as discontinued operations after the April agreement to sell it to L'Oréal. The Body Shop revenue fell 9.4 percent in constant currency as David Boynton stepped down and Ian Bickley became interim chief executive.
Group chief executive Fabio Barbosa said results were in line with plan, with margin expansion from pricing and mix while the company simplifies its structure and improves its capital structure.