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Organic net sales in fragrance and makeup grew, partially offsetting the decline in skin care.
November 1, 2023
By: Lianna Albrizio
Associate Editor
The Estée Lauder Companies Inc. reported net sales of $3.52 billion for its first quarter ended September 30, 2023, a decline of 10% from $3.93 billion in the prior year. Organic net sales declined 11%, primarily driven by expected pressures in the company’s Asia travel retail business, as well as incremental headwinds from a slower-than-expected recovery of overall prestige beauty in mainland China. These challenges were partially offset by organic net sales growth in the US, many mar...
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