1. HBW Insight
  2. >>Beauty
  3. >>Business
  4. >>Earnings

Estee Lauder Companies, Among Industry’s ‘Long COVID’ Cases, Lowers FY 2024 Outlook

The firm is resetting Asia travel retail inventory and implementing a new and improved profit recovery plan.

 
• By Eileen Francis and Ryan Nelson

The Estee Lauder Companies says Asia travel retail will hammer fiscal 2024 full-year net sales, now expected to be down 2% to up 1%. A new profit recovery plan is designed to drive $800m-$1bn of incremental operating profit over the next two fiscal years, the New York-based firm said on 1 November.

The COVID-19 pandemic may be past, but its effects continue to weigh heavily on the Estee Lauder Companies. • Source: Shutterstock

The Estee Lauder Companies, Inc. reported net sales of $3.52bn for its fiscal 2024 first quarter, ended 30 September, a decline of 10% compared with the prior-year period. Organic sales were down 11%.

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on HBW Insight for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Earnings

Reducing Complexity Helps Weleda Break Sales Record

 
• By Tom Gallen

Swiss firm reports highest revenues in its history as restructure pays off for its pharma and cosmetics businesses in 2024.

Coty: Fragrance Demand Strong, But Retail Dynamics Weigh On 2025 Outlook

 
• By Eileen Francis

Coty Inc. reports fiscal second quarter sales slipped 3% on a reported basis to $1.67bn, reflecting further slowing of the mass beauty market, particularly color cosmetics.

US ‘Land Of Opportunity’ For Beauty On Population Trends, Consumption – L’Oréal

 
• By Eileen Francis

L’Oréal Groupe expects total sales in 2025 to beat 4%-4.5% growth anticipated for the overall beauty market, with US population growth, planned innovations boding well across its beauty businesses.

P&G North America: ‘Whole Body’ Deodorants Freshen Beauty Segment As Skin Care Slides

 
• By Eileen Francis

Cincinnati-based P&G reports its antiperspirants/deodorants business is a ‘pocket of strength,’ growing 11% in the US in the fiscal second quarter and helping lift overall beauty sales as skin care stumbles.

More from Business

NAD/CARU Review Of Beauty Firm’s Social Media Posts Shows Impact Of ‘Sephora Kids’ Trend

 
• By Eileen Francis

BBB National Programs’ NAD and CARU divisions jointly reviewed the social media posts of New York firm Bubble Beauty, finding the company could support claims of safety, but not efficacy, of its skin care products for children under 13.

L’Oréal Sells ‘Pioneering’ Carol’s Daughter Hair Brand After 20-Year Ownership

 
• By Eileen Francis

L’Oréal USA has sold multi-cultural hair care brand Carol’s Daughter to an independent beauty entrepreneur with a ‘proven track record’ of acquiring and growing beauty brands, while it remains under the leadership of its founder and new President, Lisa Price.

Target Beauty’s In-Store Presentation, Digital Support Nearly Double Division’s Sales Since 2019

 
• By Eileen Francis

Target’s Beauty division was its strongest business unit in fiscal 2024, nearly doubling in six years to reach $13.2bn on strong in-store presentation and digital support, the retailer says.