The Estée Lauder Cos. has posted another quarter of double-digit sales growth.
For its third fiscal quarter, the beauty business posted sales of $3.37 billion, an 18 percent year-over-year increase. Net earnings were up 25 percent to $372 million. Diluted net earnings per common share increased 24 percent to 99 cents.
Chief executive officer Fabrizio Freda attributed Lauder’s gains to “multiple engines of growth” — similar to last quarter, when the business posted gains of 17 percent. Those engines include online, travel retail and Asia, which was up 38 percent in the quarter, to $773 million.
“Among our multiple engines of growth, travel retail, online and Asia again were standouts, and we experienced strong momentum in other high growth channels and markets,” Freda said. “Our performance this quarter reflected robust global demand across our portfolio, with virtually all our brands posting sales growth. Each of our three biggest brands grew globally, with exceptional growth in Estée Lauder. These results reflect our strong array of hero products, as well as product and service innovations that resonated well with today’s diverse global consumers.”
Lauder has raised its guidance to full-year sales growth of between 11 percent and 12 percent.