The Estée Lauder Cos. Inc. posted double-digit percentage gains in both profits and sales in the third quarter.
For the three months ended March 31, net income rose 19.2 percent to $213.2 million, or 54 cents a diluted share, from $178.8 million, or 45 cents, a year ago. Excluding charges connected with a re-measurement of the exchange rate in Venezuela due to changes enacted by the Venezuelan government, net income for the current quarter was $251.7 million, or 64 cents. Net sales in the period rose 11.3 percent to $2.55 billion from $2.29 billion.
Fabrizio Freda, president and chief executive officer, said, “Our excellent results this quarter reflect our multiple engines of growth across product categories, countries and channels, enabling us to achieve strong local currency sales growth in every geographic region.”
Freda also noted that the results were driven by the “broad global demand for our diverse prestige beauty brands, the strength of our emerging markets, accelerated growth in certain developed markets and solid progress in skin care.”
For the balance of the year, the ceo said the company continues to forecast local currency sales growth of 6 percent to 7 percent. Lauder also raised its full year earnings per share guidance to between $2.86 to $2.90, before charges and the effect of potential accelerated sales orders in connection with its Strategic Modernization Initiative.