Estée Lauder Q3 profit soars 10%
Cosmetics group announces sharp growth in sales
The Estée Lauder Companies has announced net sales of $1.86bn for its third quarter. The figure represents a 10% spike over the prior year period. The group reported net earnings for the period of $57.5m, compared with $27.2m a year ago.
Sales gains were posted across all geographic regions and major product categories, with particularly strong growth coming from the group’s international businesses and in particular, travel retail and Asia/Pacific.
“Our success is driven by a well-executed strategy and we are very pleased with our accomplishments over the past nine months,” commented president and ceo, Fabrizio Freda. “During the quarter we increased investment spending behind more targeted advertising, merchandising and sampling to enhance competitiveness and accelerate momentum.”
The company has also announced that is has commenced a cash tender offer of up to $200m aggregate principal amount of Senior Notes due in 2012 and 2013.