Estee Lauder lifts annual profit view on US, China demand recovery [Reuters]
Estee Lauder Companies, Inc. (The) (EL)
Last estee lauder companies, inc. (the) earnings: 5/1 06:45 am
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Source: Reuters
May 1 (Reuters) - Estee Lauder raised its annual profit forecast and beat Wall Street targets for third-quarter sales on Wednesday, as demand for the MAC lipstick maker's higher-priced skincare and fragrances rebounded in the U.S. and Asia Pacific markets. It now expects full-year 2024 adjusted profit per share between $2.14 and $2.24, compared with its prior forecast of $2.08 to $2.23. Estee's results hint at a recovery in demand for beauty and cosmetic products in the U.S. after a long bout of inflation had pressured sales of luxury items in the world's biggest economy. Report this ad A pick-up in China demand after several quarters of weakness also underscored customer willingness to splurge on "affordable luxuries" such as fragrances and make-up products. The company's third-quarter organic net sales in the Americas grew 1%, with a 3% rise in the Asia Pacific region. Net sales rose 5% to $3.94 billion, compared with estimates of $3.91 billion, according to LSEG data.
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EL
Earnings
- 5/1/24 - Beat
EL
Sec Filings
- 5/15/24 - Form 4
- 5/6/24 - Form 144
- 5/1/24 - Form 10-Q
- EL's page on the SEC website