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New York, NY 10153
THE ESTÉE LAUDER COMPANIES ACHIEVES OUTSTANDING
FISCAL 2018 FIRST QUARTER RESULTS
DILUTED EPS INCREASES 44% on 14% SALES GAIN
COMPANY RAISES FULL-YEAR SALES AND EARNINGS FORECAST
New York, NY, November 1, 2017 - The Estée Lauder Companies Inc. (NYSE: EL) today reported financial results for its first quarter ended September 30, 2017. The Company achieved net sales of $3.27 billion, an increase of 14%, compared with $2.87 billion in the prior-year quarter. Incremental sales from the Companys recent acquisitions of Too Faced and BECCA contributed approximately 4 percentage points of the reported sales growth. Net earnings rose 45% to $427 million, compared with $294 million last year. Diluted net earnings per common share increased 44% to $1.14, compared with $.79 reported in the prior year. The fiscal 2018 first quarter also includes the impact of the adoption of a new accounting pronouncement for share-based compensation, which added $.06 to diluted earnings per share. See note C on page 11.
Fabrizio Freda, President and Chief Executive Officer, said, We delivered an outstanding financial performance in our fiscal 2018 first quarter, demonstrating the power of our diverse brand portfolio to leverage our multiple engines of growth. Building on the global momentum of the last fiscal year, we benefitted from a continued acceleration in China, Hong Kong, travel retail and global online, strength in several developed and emerging markets in Europe, and incremental sales from Too Faced and BECCA.
Our online and travel retail channels and most luxury and mid-sized brands posted double-digit sales gains. In addition, we saw encouraging signs of improvement in some U.S. prestige department stores, and our targeted expansion into more specialty-multi doors to reach new consumers continued to help us gain share. Sales growth in the Estée Lauder brand continued to accelerate, generating double-digit gains in the quarter. Our earnings per share reflected the strong sales gains combined with our success in leveraging those sales through cost saving initiatives, efficiencies and continued financial discipline.
For the full fiscal year, our forecast reflects strong programs supported by focused advertising and marketing spending and sustained investments to further build capabilities for the long term. With this strong start to fiscal 2018 and our confidence in the potential for our business, we are raising our full-year constant currency sales growth forecast to between 8% and 9% and increasing our
The following information was filed by Estee Lauder Companies Inc (EL) on Wednesday, November 1, 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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