The Estée Lauder Cos. Inc. posted solid fourth-quarter results in both profits and sales.
For the three months ended June 30, net income rose nearly three-fold to $257.7 million, or 66 cents a diluted share, from $94 million, or 24 cents, in the year-ago quarter. Net sales rose 13.2 percent to $2.73 billion from $2.41 billion.
The company said results included the acceleration of sales orders by some retailers of about $178 million in advance of the firm's July implementation of its Strategic Modernization Initiative in certain of its largest remaining locations. These orders normally would have occurred in the firm's first quarter of fiscal 2015.
Fabrizio Freda, president and chief executive officer, said, "This excellent performance further demonstrates the resilience and consistency of our strategic business model and strengthened our leadership in global prestige beauty."
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