Natura &Co Second Quarter Revenue Rises 5.4 Percent but Net Loss Widens on Avon Write-Off
SÃO PAULO, Aug. 13, 2024 --
Natura &Co reported second-quarter 2024 consolidated net revenue of 7.35 billion reais, up 5.4 percent from a year earlier, or 5.7 percent in constant currency. Natura &Co Latam revenue rose 10.0 percent in constant currency, led by 14.8 percent growth for the Natura brand in Brazil and a near-flat result for Avon in Brazil, while Avon International revenue fell 8.4 percent.
Adjusted EBITDA rose 14.2 percent to 803.5 million reais, with the margin up 80 basis points to 10.9 percent. The net loss widened to 858.9 million reais from 731.9 million reais, mainly because of a one-time non-cash write-off of 725 million reais in deferred tax assets triggered by the Chapter 11 filing of U.S. holding company Avon Products, Inc. Excluding non-operating effects, underlying net income was 162 million reais.
Net debt excluding leases rose to 2.1 billion reais after a dividend payment of about 1.0 billion reais and seasonal cash use. Group CEO Fabio Barbosa called the Avon Products restructuring another step in the company's simplification and said Natura &Co will support it with financing and a bid for Avon's non-U.S. operations.
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