The Estée Lauder Companies Inc. reported $3.56 billion net sales in Q1 2021, down 9% from $3.90 billion recorded in the prior-year period, according to the company’s press release. Net earnings were $523 million or diluted earnings per share of $1.42, down from $592 million or $1.61 per share in the prior-year period. Earnings decline attributed to retail store closures and reduced foot traffic due to the COVID-19 pandemic.
- Estée Lauder continues to implement strict cost control actions to manage the dynamic business environment.
- Estée Lauder has raised the quarterly dividend by 10% in line with long-term growth expectations for global prestige beauty and multiple engines of growth strategy.
- The company’s COVID-19 pandemic recovery progressed with sequential net sales growth in every product category around the world.
- Estée Lauder’s innovation flourished, representing 30% of quarter sales while the online channels thrived, offsetting some of the losses.
- Skin and hair care products demand has been more resilient than makeup and overall fragrance, reflecting changing consumer references in light of the decline of social gathering and related closure of retail stores, offices, and businesses.
Estée Lauder’s stock is gaining. EL: NYSE is up 5.28%