Spanish beauty company Puig reported a robust fourth quarter, surpassing analyst expectations on organic sales growth and underpinned by an especially strong performance in its makeup business.
On an organic basis, Puig recorded 9.8% sales growth in Q4, outstripping the consensus estimate of 6.2%.
Segment performance
The makeup division was the standout contributor, delivering a 26.5% like-for-like increase in the quarter. That result materially exceeded analysts' forecasts of 12.5% and management cited Amazon inventory loading as a partial driver of the exceptional expansion in the category.
Puig's fragrance arm, which accounts for 72% of total company sales, posted 6.2% like-for-like growth in Q4, again ahead of expectations of 4.1%. The skincare portfolio grew 7.9% on a like-for-like basis, a result that came in below the consensus estimate of 10.3%.
Full fiscal year metrics
For the full fiscal year 2025 Puig reported an operating margin of 16.1%, representing a 30 basis point improvement versus the prior year. Earnings per share for the period reached 01.04, a 6.1% increase year-over-year.
Outlook
Looking ahead to fiscal 2026, the company guided to like-for-like growth ahead of the premium beauty market and indicated that adjusted margins are expected to remain stable. Analysts currently model 5.1% growth for FY26.
Implications
The quarter highlights the differential dynamics across Puig's product portfolios. Makeup, led by Charlotte Tilbury, provided a clear upside surprise, while fragrance continued to deliver steady growth and skincare lagged consensus expectations. Management's guidance for growth above the premium beauty market and stable adjusted margins signals confidence in near-term demand and cost structure stability, according to the company's published outlook.
Data points preserved from the company's report
- Q4 organic sales growth: 9.8% (consensus 6.2%).
- Makeup like-for-like growth Q4: 26.5% (consensus 12.5%); partly attributed to Amazon inventory loading.
- Fragrance like-for-like growth Q4: 6.2% (consensus 4.1%); fragrance represents 72% of sales.
- Skincare like-for-like growth Q4: 7.9% (consensus 10.3%).
- FY2025 operating margin: 16.1%, up 30 basis points year-over-year.
- FY2025 EPS: 01.04, up 6.1% year-over-year.
- FY2026 guidance: like-for-like growth ahead of premium beauty market; adjusted margins expected to remain stable. Analysts forecast 5.1% growth for FY26.