The Estée Lauder Companies Inc. reported $1.70 billion in net sales for its fiscal third quarter ended March 31, 2009, a 10% decrease compared with the $1.88 billion reported in the prior-year quarter. Excluding the impact of foreign currency translation, net sales declined 2%. The company reported net earnings, including restructuring and other special charges, for the quarter ended March 31, 2009 of $27.2 million compared with $90.1 million in 2008. Diluted net earnings per common share for the quarter were $.14, compared with $.46 reported in the prior-year quarter.
“The confluence of lower consumer spending and continuing macroeconomic conditions resulted in our third quarter performance being lower than the prior-year period," said William P. Lauder, CEO, The Estée Lauder Companies. "However, the strategy we announced last quarter was developed to navigate our company through the medium- and long-term challenges and to capitalize on the opportunities we are pursuing. Whether in good times or bad, we are properly balancing investing for growth with the goal of improving and sustaining profitability. We expect to deploy our strategy with excellence and already have begun making progress towards achieving our goals.”