Summary by Moomoo AI
Estee Lauder, a leader in prestige beauty, reported a challenging quarter with net sales declining across all product categories and regions. For the three months ended September 30, 2024, net sales decreased by 4% to $3,361 million from $3,518 million in the same period last year. The decline was primarily driven by a decrease in skin care sales, which fell by 7% year-on-year. Operating income turned into a loss of $121 million compared to a profit of $98 million in the previous year, significantly impacted by restructuring charges and talcum litigation settlement agreements. The Americas, Europe, the Middle East & Africa, and Asia/Pacific regions all experienced sales declines, with Asia/Pacific being the hardest hit with an 11% drop, largely due to weakened consumer sentiment in mainland...Show More
