Happi Staff05.01.20
The Estée Lauder Companies Inc. said fiscal third quarter sales fell 11% to $3.35 billion. The decline was driven by retail store closures as a result of the global spread of COVID-19 that was partially offset by the inclusion of net sales from the company’s recent acquisition of Have&Be Co. Ltd. (“Dr. Jart+”), which contributed approximately two percentage points to reported net sales growth.
The company reported a net loss of $6 million, compared with net earnings of $555 million last year. Diluted net loss per common share was -$.02 compared with diluted earnings per common share of $1.51 reported in the prior-year period.
President and CEO Fabrizio Freda noted that the double-digit momentum in sales growth from the first half of the fiscal year carried into January, but the dynamics in the quarter changed significantly as COVID-19 spread beyondAsia .
"By early March, consumers around the world began social distancing which resulted in lower traffic in retail locations. As March evolved, most retail stores temporarily closed and consumers increasingly stayed home," he explained.
Still, Freda found reason to be optimistic. The Estée Lauder, Darphin, and Le Labo brands grew, global online sales rose strong double-digits, sales in mainlandChina and global travel retail increased, and skin care sales grew internationally, including Dr. Jart+.
"The surge in our online business worldwide, coupled with the recovery we are seeing emerge inChina , confirm consumers’ passion for our prestige beauty portfolio," he insisted.
The company reported a net loss of $6 million, compared with net earnings of $555 million last year. Diluted net loss per common share was -$.02 compared with diluted earnings per common share of $1.51 reported in the prior-year period.
President and CEO Fabrizio Freda noted that the double-digit momentum in sales growth from the first half of the fiscal year carried into January, but the dynamics in the quarter changed significantly as COVID-19 spread beyond
"By early March, consumers around the world began social distancing which resulted in lower traffic in retail locations. As March evolved, most retail stores temporarily closed and consumers increasingly stayed home," he explained.
Still, Freda found reason to be optimistic. The Estée Lauder, Darphin, and Le Labo brands grew, global online sales rose strong double-digits, sales in mainland
"The surge in our online business worldwide, coupled with the recovery we are seeing emerge in
