The Estée Lauder Companies (ELC) today reported a +9% year-on-year rise in net sales to US$17.74 billion for the year ended 30 June. Organic net sales increased by +8%, driven by double-digit growth in the Americas and Europe, the Middle East & Africa (EMEA) regions.
The performance was dampened by a -10% decrease in Q4 net sales (see below), with business in early Q1 2023 also down year-on-year, partly related to recent COVID-19 restrictions in China.
Global travel retail net sales for the 12 months to 30 June increased (by an unspecified amount) year-on-year, reflecting continued growth from Asia Pacific despite increased travel restrictions from March 2022 that particularly affected the Hainan market. Travel retail net sales grew in EMEA and the Americas, driven by increased traffic as COVID-19 restrictions were lifted.
