Earnings Lift For Estée Lauder Fails To Stop Shares Sliding

SourceForbes
SectorFinancial Markets
CountryMiddle east

Estée Lauder has seen growth in all categories except makeup. (Photo by Chukrut Budrul/SOPA … [+] Images/LightRocket via Getty Images) Estée Laude EL r, the owner of global beauty brands like Clinique, MAC, Origins and Tom Ford Beauty, generated more sales in the three months to March than in same period in 2019, indicating that the company was weathering the Covid-19 pandemic well—and on a road to recovery. Revenue reached $3.

9 billion in the period (the company’s FY21 third quarter), an increase of 13% at constant currency as net sales rose in every region, and in three product categories, though makeup crashed by 13%. Net earnings of $456 million in the quarter were also significantly up on the net loss of $6 million seen in the prior-year period. However, market reaction saw Estée Lauder Companies’ stock price drop by almost 8% to below $290 by noon, after closing on Friday at £318. 80. This time a year ago brick-and-mortar...read more...