DJ Estee Lauder Reports Surprise 2Q Sales Gain
By Dave Sebastian
Estee Lauder Cos. said its profit and sales rose for the fiscal second quarter, better than the sales decline it had expected, as it booked gains from the Asia-Pacific region and online sales.
The cosmetics company Friday posted net income of $873 million, compared with $557 million in the prior year. Earnings were $2.37 a share, compared with $1.52 in the year-earlier period.
Adjusted earnings were $2.61 a share. It had expected adjusted earnings of $1.45 to $1.60 a share. Analysts polled by FactSet were looking for $1.69 a share.
Sales rose 4.95% to $4.85 billion. It had expected a 3% to 5% decline in revenue. Analysts were looking for $4.49 billion.
Sales declined to $1.05 billion from $1.23 billion in the Americas. Sales in Europe, the Middle East and Africa fell to $2.03 billion from $2.08 billion. Asia-Pacific sales rose to $1.78 billion from $1.32 billion.
The company said growth in the Asia-Pacific region, travel retail and global online categories was partially offset by lower foot traffic in open stores and temporary store closures due to Covid-19, to a lesser extent.
Estee Lauder said most brick-and-mortar stores that sell its products were open during the quarter, though some reported lower traffic due to the resurgence of Covid-19 cases.
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires
February 05, 2021 07:03 ET (12:03 GMT)
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