The Estée Lauder Cos. Inc.’s net income surged nearly 28 percent in the third quarter, and sales weathered the stronger dollar, gaining 1 percent.
For the quarter ended March 31, net income attributable to the company gained 27.6 percent to $272.1 million, or 71 cents a diluted share, compared with $213.2 million, or 52 cents a share, in the year-ago period.
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Net sales in the quarter ticked up 1 percent to $2.58 billion, from $2.55 billion in the prior-year period. Excluding the impact of foreign currency translation, net sales gained 8 percent.
“We posted an excellent third-quarter performance, exceeding our constant currency sales forecast that, combined with disciplined expense management, we leveraged into sharply higher earnings per share,” stated Fabrizio Freda, president and chief executive officer. “Compelling product innovations, targeted advertising and marketing investments and selective distribution expansion drove double-digit constant currency sales growth in many of our brands.”