The Estée Lauder Companies Inc. on Tuesday, November 2, reported its net sales for the first quarter of fiscal 2022, for the three-month period ending September 30, 2021, amounted to $ 4.39 billion, up from 23% compared to net sales of $ 3.56 billion in the first quarter of fiscal 2021.
This jump is largely attributed by executives to the fact that shoppers are more willing and able to shop in physical stores this year than they were in the early months of the COVID-19 pandemic.
Organic net sales increased 18% for the first quarter of fiscal 2022 for Estée Lauder, which saw its net income increase from $ 523 million in the first quarter of fiscal 2021 to $ 692 million in the first quarter for fiscal year 2022.
“We had a strong performance at the start of fiscal 2022, despite increased volatility and variability globally during the quarter, driven by our aggressive strategy of multiple growth drivers. Our growth engines have become increasingly diversified, as we expected, ”said President and CEO Fabrizio Freda in the Company’s Quarterly Results Report.
“Makeup, developed markets in the West and brick and mortar have rekindled and complemented the momentum in skin care, fragrance, mainland China, Asia / Pacific retail and online globally. “, did he declare. “Impressively, compared to the pre-pandemic first quarter of fiscal 2020, the overall business is much larger and more profitable. “
Thirteen Estée Lauder brands achieved double-digit organic sales growth in the first quarter of fiscal 2022 compared to the same period a year ago, with Estée Lauder and M A C leading the growth of make-up and La Mer et Clinique performed well in the skin care segment of the business. Fragrances grew by double digits in all regions, led by Tom Ford Beauty and Jo Malone London.
“Our confidence in the long-term growth opportunities for prestigious global beauty and our company is reflected in today’s announcement to increase the quarterly dividend,” said Freda.
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As Estée Lauder’s financial performance continues to grow, the overall healthcare and personal care market edged down in September, with retail sales falling 1.4% during the month, according to the US Department of Commerce, even with overall retail sales. up 0.7%.