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New York, NY 10153
THE ESTÉE LAUDER COMPANIES REPORTS STRONG SALES AND EARNINGS GROWTH IN FISCAL 2017 THIRD QUARTER
Reported Net Sales Rose 8%, Constant Currency Net Sales Increased 9%
Reported EPS $.80, Adjusted EPS $.91
Company On Track To Deliver Strong Full-Year Results
New York, NY, May 3, 2017 - The Estée Lauder Companies Inc. (NYSE: EL) today reported net sales of $2.86 billion for its third quarter ended March 31, 2017, an 8% increase compared with $2.66 billion in the prior-year quarter. Incremental sales from the Companys recent acquisitions of Too Faced and BECCA contributed approximately half the reported sales growth.
Net earnings increased 12% to $298 million, compared with $265 million last year. Diluted net earnings per common share increased 13% to $.80, including the effect of restructuring and other charges, compared with $.71 in the prior year.
Excluding the impact of foreign currency translation, net sales increased 9%. For the quarter, the negative impact of foreign currency translation on diluted net earnings per common share was $.02. Adjusting for restructuring and other charges, diluted net earnings per common share for the three months ended March 31, 2017 were $.91, and in constant currency rose 28% to $.93.
Fabrizio Freda, President and Chief Executive Officer, said, We delivered an excellent third quarter performance. Sales accelerated across every geographic region and in our three largest product categories, reflecting the range and strength of our brand portfolio and product offerings. Our business in global travel retail and in China was exceptionally strong, driven by strong sales gains in virtually every brand. Our mid-sized and luxury brands, as well as online and specialty-multi retail channels, also led growth. Additionally, our recent acquisitions of Too Faced and BECCA performed above expectations. These elements contributed to stronger-than-expected constant currency sales growth that, combined with disciplined expense management, resulted in sharply higher earnings per share.
By further penetrating the specialty-multi channel globally and selectively opening freestanding stores in some key international markets, our brands made great progress reaching new consumers. Our strategy and financial performance continue to be powered by our ability to deploy our diverse brand portfolio into fast-growing channels and consumer segments.
The following information was filed by Estee Lauder Companies Inc (EL) on Wednesday, May 3, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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