The Estee Lauder Companies Q3 2024: Net sales grow 5 percent as Asia travel retail returns to growth
THE WHAT? The Estee Lauder Companies has reported its results for the third quarter of fiscal 2024. The US prestige beauty manufacturer saw net sales rise 5 percent yoy to US$3.94 billion. Organic net sales grew 6 percent versus the prior year quarter, due to double-digit growth in Europe, the Middle East and Africa and stronger sales in Asia travel retail.
THE DETAILS Net earnings stood at US$330 million, compared with US$156 million a year ago. Diluted net earnings per common share was US$0.91 versus 2023’s US$0.43.
THE WHY? Fabrizio Freda, President and Chief Executive Officer comments, “For the third quarter of fiscal 2024, we delivered our organic sales outlook, exceeded expectations for profitability and continued to improve working capital. La Mer, Estée Lauder, Jo Malone London, Le Labo, and The Ordinary led organic sales growth, driven by beloved hero products and highly sought innovation. Asia travel retail returned to organic sales growth, as developed and emerging markets across Asia/Pacific, EMEA, and Latin America further contributed.
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