American cosmetics company Estée Lauder has reported total net sales of $15.91bn in fiscal 2023 (FY23), down 10% from $17.74bn in fiscal 2022 (FY22).

During the fiscal ending 30 June 2023, the company’s organic net sales decreased 6%, mainly due to Asia travel retail in Hainan and Korea.

Estée Lauder’s net earnings for the fiscal declined to $1.01bn, from $2.39bn in the prior year.

Its diluted net earnings per common share (EPS) were $2.79 in FY23, against $6.55 in FY22.

In the fourth quarter (Q4) of FY23, the retailer reported net sales of $3.61bn, up 1% compared to the corresponding period in fiscal 2022.

Driven by strong growth in Asia/Pacific, the company’s organic net sales increased 4%.

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Estée Lauder posted net loss of $33m over the quarter, and its diluted net loss per share was $0.09.

For full year 2024, the company anticipates net sales to increase between 5% and 7% from the previous fiscal and organic sales to grow between 6% and 8%.

It also expected its reported EPS to be between $3.43 and $3.70 over the fiscal.

Estée Lauder president and chief executive officer Fabrizio Freda said: “We returned to organic sales growth in the fourth quarter, delivering our outlook. Momentum continued in the markets of EMEA and Latin America and accelerated strongly in Asia/Pacific led by mainland China and Hong Kong SAR.

For full-year fiscal 2023, we delivered organic sales growth and prestige beauty share gains in many developed and emerging markets, but Asia travel retail pressured results, particularly in Skin Care, and we continued to experience softness in North America. Fragrance excelled, up double digits in every region, and Makeup improved sequentially to double-digit growth in the fourth quarter as more markets emerged into the post-pandemic era.”