Estée Lauder announces full-year results

Nicole Mezzasalma

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The beauty company reported growth of 12% to $7.91bn in net sales for the year ended June 30 2008

Beauty supplier Estée Lauder Companies has announced its full-year results for the period ended June 30 2008, when it reported an increase of 12% in net sales to $7.91bn and net earnings growth of 5% to $473.8m. The supplier said in a statement that higher sales in Europe, the Middle East and Africa were led by “double-digit growth in the company's travel retail business and the United Kingdom, as well as strong gains in France, Germany and Italy”.

In North America, a “difficult retail environment” and the economic climate affected sales, but Asia generated “significant constant currency sales growth” with double-digit increases in China, Hong Kong, Korea and Malaysia.   

Estée Lauder Companies CEO William Lauder said: “Our company delivered strong sales gains and solid double-digit earnings per share growth in both the fourth quarter and full year. We effectively managed our business through diverse economic challenges, particularly in the US, by building on the strength of our brand portfolio. Importantly, our strategic investments enabled us to achieve a terrific worldwide performance, highlighted by outstanding double-digit sales and earnings growth from our international operations, where we are continuing to build market share and leverage opportunities in emerging markets.”

The company said it expects net sales to grow between 6% and 8% in constant currency in the 2008/09 fiscal year, with Asia leading the growth.