New York-based Estée Lauder Companies Inc. (NYSE: EL) today reported outstanding financial results for its first quarter ended September 30, 2019. Net sales of $3.90 billion increased 11% from $3.52 billion in the prior-year period. Excluding the impact of currency translation, net sales increased 12%.
Net earnings rose 19% to $595 million, compared with $500 million last year. Diluted net earnings per common share increased 21% to $1.61, compared with $1.34 reported in the prior-year period. Adjusted diluted earnings per common share, which excludes items detailed below, rose 19% to $1.67, or grew 20% in constant currency.
Said CEO Fabrizio Freda, "We have started fiscal year 2020 with terrific results. Our winning strategy based on multiple engines of growth helped us deliver an extraordinary performance, especially in light of the volatile global environment, reflecting the agility and resiliency we have created in our business model."
The company goes on to say its brand delivered double-digit growth in all regions, reflecting continued strength in certain of its core product franchises, such as Advanced Night Repair, Micro Essence and Revitalizing Supreme, supported by successful innovations, including the launch of Advanced Night Repair Intense Reset Concentrate.
It also pointed to double-digit growth at La Mer, the luxury skin care brand, was broad based, with net sales increasing across every region and major channel, driven by higher net sales of existing products, including The Treatment Lotion and The Concentrate.
EL shares tumbled $8.31, or 4.3%, to $184.96
