Estée Lauder Q2 net sales down 17% to $4.62B; EPS $1.09; cuts FY outlook on travel retail

ESTEE LAUDER COMPANIES INC

2023-Q2 EPS reported $2.45 revenue$8,550,000,000

Net sales $4.62B (-17% YoY), organic -11%; GAAP EPS $1.09 (-63%), adjusted EPS $1.54 (-49%).
Fragrance organic +12%; Skin Care -20%; Makeup -3%; $207M intangible impairments (Dr.Jart+, Too Faced, Smashbox).
Q3 FY2023 net sales guidance: reported -14% to -12%, organic -10% to -8%; full-year EPS outlook lowered.
Quarterly dividend $0.66/share, payable March 15, 2023 to holders of record Feb 28, 2023 (unchanged).
Return to growth pushed to Q4 due to Hainan travel retail disruption and Korea duty free headwinds.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ESTEE LAUDER COMPANIES INC reported fiscal 2023 second quarter results: revenue $4.62 billion, net income $0.39 billion, EPS $1.09. Guidance lowered.

Period: fiscal 2023 second quarter
Revenue: $4.62 billion
Net income: $0.39 billion
EPS: $1.09
Guidance: lowered
Result: reported results

Exact text from the filing

The Estée Lauder Companies Inc. (NYSE: EL) today reported net sales of $4.62 billion for its second quarter ended December 31, 2022, a decline of 17% from $5.54 billion in the prior-year period, including negative impacts from foreign currency. Organic net sales fell 11%. In the fiscal 2023 second quarter, the evolution of the COVID-19 environment, including restrictions in mainland China and the rising number of COVID cases (collectively “COVID-related impacts”), led to stronger headwinds as the quarter progressed. As a result, tourism and product shipments to Hainan remained largely curtailed and traffic in brick-and-mortar in the rest of China was limited. These challenges were partially offset by broad-based strong organic net sales growth across developed and emerging markets globally. Organic net sales benefited from continued double-digit growth in Fragrance as well as strong holiday offerings and performance during the 11.11 Global Shopping Festival. The Company reported net ea

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Source: SEC EDGAR

accession 0001001250-23-000008

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