Estée Lauder’s Sales Streak Continues

The Estée Lauder Cos. posted another quarter of strong sales growth. For the fiscal third quarter, the beauty company posted an 11 percent gain in net sales, to $3.37 billion. Net earnings were up 49 percent to $555 million. Diluted net earnings per common share were up to $1.51 from 99 cents in the prior-year period. “We delivered terrific performance in our fiscal third quarter, driven by strategic investments in our best opportunities combined with creativity and data-driven insights that fueled exciting innovations. These drivers strengthened loyalty to our brands and hero franchises and attracted new consumers globally. Our strongest growth engines were the Asia/Pacific region, the skin care category, our Estée Lauder, La Mer and Tom Ford Beauty brands, and travel retail and global online channels,” said Lauder president and chief executive officer Fabrizio Freda. Freda continued, “Our double-digit constant currency net sales growth was ahead of our long-term goal and we continued gaining share in global prestige beauty. With savings from our Leading Beauty Forward initiative, we reallocated resources into targeted advertising, while still growing profit faster than net sales gains.” While the business had anticipated “a gradual moderation of growth in China and travel retail, that “didn’t happen,” he noted. “We

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