- Prachi Singh |
For its second quarter, the Estée Lauder Companies Inc., reported net sales of 4.62 billion dollars, up 15 percent from the prior-year period, while excluding the impact of currency translation, net sales increased 16 percent. The company said in a statement that net earnings were 557 million dollars compared with 573 million dollars last year and diluted net earnings per common share were 1.52 dollars compared with 1.55 dollars in the prior-year period. Adjusted diluted earnings per common share rose 21 percent to 2.11 dollars.
Commenting on the results, Fabrizio Freda, the company’s President and Chief Executive Officer said: “We delivered superb results in our second quarter, leading to an excellent first half. Our sales growth came from all facets of our business, including the Asia/Pacific region, the skin care and fragrance categories, the online and travel retail channels, and the Estée Lauder, La Mer and luxury fragrance brands. We made progress towards the stabilization of our North American business despite continued softness in the makeup category. Additionally, we completed the acquisition of the Korean- based Dr. Jart+ brand at the end of the quarter, which strengthens our position in global skin care.”
“The global situation will affect our financial results in the near term, so we are updating our fiscal year outlook. With our results to date and our agility in allocating resources, we will strive to deliver full-year growth at least in line with our long-term goals, even in this challenging moment. We will be ready to return to our growth momentum as the global coronavirus outbreak is resolved,” added Freda.