(News Bulletin 247) – The Estée Lauder Company today reported net sales of $3.75 billion for its third quarter ended March 31, 2023, down 12% from 4.25 billion from the same period of the previous year.
Organic net sales fell 8%, mainly due to Asian travel retail in Hainan and Korea.
The company reported net income of $156 million, down from $558 million a year earlier.
Diluted net earnings per common share were $0.43, compared to $1.53 for the same period a year ago. Adjusted diluted net earnings per common share decreased 75% to $0.47.
Fabrizio Freda, President and CEO, said: ‘Our developed and emerging markets experienced strong growth and exceeded our expectations to compensate for an even slower than expected recovery in the travel retail sector in Asia. ‘
The outlook for the full year has been revised downwards to reflect the more gradual recovery in tourism retail sales in Asia.
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