Estee Lauder (EL.US), a leading global beauty company, reported mixed financial results for the quarter ended March 31, 2023. The company's net sales for the quarter were $3,751 million, maintaining the same level as the previous year. Operating income stood at $297 million, while the net sales for the nine months ended March 31, 2023, were $12,301 million. The company's performance in the skin care category showed a decline, with net sales decreasing by 10% for the quarter ended December 31, 2023, primarily due to lower sales from Estée Lauder and Clinique. Makeup net sales also decreased by 8%, affected by lower sales from M·A·C and Estée Lauder. Fragrance net sales remained flat, with growth from Le Labo and Jo Malone London offsetting declines...Show More

Estee Lauder (EL.US), a leading global beauty company, reported mixed financial results for the quarter ended March 31, 2023. The company's net sales for the quarter were $3,751 million, maintaining the same level as the previous year. Operating income stood at $297 million, while the net sales for the nine months ended March 31, 2023, were $12,301 million. The company's performance in the skin care category showed a decline, with net sales decreasing by 10% for the quarter ended December 31, 2023, primarily due to lower sales from Estée Lauder and Clinique. Makeup net sales also decreased by 8%, affected by lower sales from M·A·C and Estée Lauder. Fragrance net sales remained flat, with growth from Le Labo and Jo Malone London offsetting declines from Estée Lauder. Hair care net sales declined by 5%, mainly due to lower sales from Aveda. Geographically, net sales in The Americas were flat, while Europe, the Middle East & Africa, and Asia/Pacific regions experienced declines. Estee Lauder's future plans include a focus on rebuilding stronger, more sustainable profitability, supporting sales growth acceleration, and increasing speed and agility. The company also plans to continue providing superior products and services while investing for long-term sustainable growth, despite challenges in the Asia travel retail business and overall prestige beauty softness in mainland China.