Loading...
Loading...
- Estee Lauder Companies Inc EL reported a first-quarter FY23 sales decline of 11% year-on-year to $3.93 billion, missing the consensus of $3.97 billion.
- The company said COVID-19 restrictions in China presented a greater challenge than expected.
- Sales in the Americas decreased 6% Y/Y, Europe, Middle East & Africa dropped 10%, and Asia/Pacific fell 15%.
- Net sales from Skin Care fell 14%, Makeup declined 10%, Fragrance remained flat, and Hair Care increased 7%.
- Gross profit declined 13% Y/Y to $2.9 billion, with the margin contracting 190 basis points to 74%.
- Operating expenses decreased 6% Y/Y to $2.2 billion while the operating expense margin was 57.2%, versus 54.6% last year.
- Operating margin contracted 450 basis points to 16.8%, and operating income for the quarter fell 29% Y/Y to $661 million.
- The company held $2.9 billion in cash and equivalents as of September 30, 2022.
- Adjusted EPS of $1.37 beat the analyst consensus of $1.33.
- Outlook: Estee Lauder sees FY23 EPS excluding restructuring and other charges of $5.25 - $5.40, against the consensus of $7.39. Reported net sales are forecasted to decrease by 8% - 6%.
- For Q2, it expects EPS excluding restructuring and other charges of $1.19 - $1.29 versus the consensus of $2.81. Reported net sales are forecasted to decrease by 19% - 17%.
- Price Action: EL shares are trading lower by 8.64% at $188.90 in premarket on the last check Wednesday.
- Photo Via Company
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in