The Estée Lauder Companies Inc. this week reported results for its fiscal third quarter ended March 31 and announced Leading Beauty Forward, a new initiative designed to continue driving sales and enable new organizational capabilities.
Net sales for Estée Lauder’s third quarter were $2.66 billion, a 3% increase compared with $2.58 billion in the prior-year quarter. Net earnings were $265.6 million, compared with $272.1 million last year, and diluted net earnings per common share were $.71, compared with $.71 reported in the prior year. For the quarter, the negative impact of foreign currency translation on diluted net earnings per common share was $.03. Excluding the impact of foreign currency translation, net sales increased 6% and diluted net earnings per common share rose 4%.
Leading Beauty Forward is a multi-year initiative designed to enhance Estée Lauder’s go-to-market capabilities, reinforce its leadership in global prestige beauty and continue creating sustainable value.
Cost savings from the initiative are expected to provide more resources to continue improving profitability while further building the company’s business through investment in consumer-facing activities and capabilities, new technologies and continued talent development to meet real-time business needs and strategic priorities.