Coty's FY24 and Q4 reported gross margin improvement was fueled by supply chain savings and the benefit from pricing actions and premiumization, more than offsetting inflationary headwinds. Coty generated reported operating income of $546.7 million in FY24, up 1% year-over-year, with a reported operating margin of 8.9%. Coty's Q4 reported operating income of $34.7 million, with a reported operating margin of 2.5%, was down 73% year-over-year, reflecting the $104 million cash gain recognized in the prior year in connection with the divestiture of the Lacoste license. Coty's FY24 adjusted operating income grew 17% to $863.4 million with an adjusted operating margin of 14.1%, reflecting strong margin expansion of 80 basis points, supported by the gross margin expansion and operating leverage on fixed costs.