Natura
March 12, 2024
SÃO PAULO, March 12, 2024 --
Natura &Co reported 2023 consolidated net revenue of 26.7 billion Brazilian reais, up 3.5 percent in constant currency and down 8.5 percent in reais. Adjusted EBITDA reached 2.7 billion reais, with the margin up 310 basis points, and net income was 3.0 billion reais, reversing a 2.8 billion reais net loss in 2022 after the sale of Aesop.
Gross margin expanded 410 basis points to 63.8 percent. The company ended the year with net cash of 1.7 billion reais after using Aesop proceeds to repay roughly 60 percent of debt, and said it would distribute 979 million reais in dividends. Group Chief Executive Fabio Barbosa said Wave 2 integration of Natura and Avon in Latin America was underway and that margins and cash remained near-term priorities.
Natura &Co also noted subsequent events including its January plan to end the NYSE ADR listing and its February study of a possible separation of Natura &Co Latam and Avon. Avon International remained weaker on consultant declines and portfolio optimization, though expense structure improved.