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Net earnings plunge from $2.39 billion to $1.01 billion.
August 18, 2023
By: TOM BRANNA
Editor
The Estée Lauder Cos. said fiscal 2023 sales fell 10% to $15.91 billion. Organic net sales fell 6%, primarily driven by Asia travel retail in Hainan and Korea, partially offset by growth in nearly every market in both Asia/Pacific and Europe, the Middle East & Africa. Net earnings fell more than 50%, from $2.39 billion to $1.01 billion. What's worse, the company forecasted net FY2024 sales to increase 5-7%. That's below analysts’ estimates of 8.8%. According to CEO Fabrizio Fre...
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