US-based cosmetics retailer Estée Lauder has reported its net sales for the third quarter (Q3) of the fiscal year 2022 (FY22) grew by 10% to $4.25bn year-over-year (YoY).
For the three months to 31 March, the company’s sales in the Americas reached $1.05bn,
In Europe, the Middle East and Africa (EMEA), Estée Lauder registered $1.99bn in sales, while its sales in the Asia-Pacific region amounted to $1.20bn.
The company’s organic net sales for Q3 increased by 9% compared with the same period a year earlier.
Estée Lauder’s net earnings also increased to $0.56bn from $0.46bn in Q3 2021, while its diluted net earnings per common share (EPS) were $1.53, up from $1.24 YoY.
The retailer’s total reported operating income rose by 20% YoY from $0.62bn to $0.74bn in Q3 2022.
Estée Lauder president and CEO Fabrizio Freda said: “We delivered strong sales growth and better-than-expected profitability in the third quarter of FY22 in the face of accelerated headwinds as the quarter evolved, including Covid restrictions in the Asia-Pacific region.
“Every category grew organically, led by Fragrance’s outstanding performance globally and the makeup renaissance in western markets.
“Eleven brands contributed double-digit organic sales growth and further demonstrated our diversification, empowered by our multiple engines of growth strategy.
“Consumer demand remained robust even in this more inflationary environment.”
For FY22, Estée Lauder expects its full-year net sales to grow by between 7% and 9% and its organic net sales to increase by 5% to 7%.
The company has also projected its reported diluted net EPS to be between $6.54 and $6.70.
Freda added: “Given our outstanding performance year-to-date, we expect to deliver a record year in FY22 despite temporary Covid-driven headwinds that reduced our fourth-quarter outlook.
“We are confident that our business in China will rebound when Covid abates and accelerate our momentum.”