Estée Lauder has released its second quarter 2022 results, ended December 31 2021, that showed net sales increased 14% yer-over-year from $4.85 billion to $5.54 billion.
The company reported net earnings of $1.09 billion, compared with net earnings of $0.87 billion in the prior-year period.
Total reported operating income was $1.42 billion, a 33% increase from $1.06 billion in the prior-year period.
The skin care category reported net sales of $3,159 million, as compared to $2,819 in the previous year.
The makeup category reported net sales of $1,386, as compared to $1,247 in the previous year.
The fragrance category reported net sales of $799 million, as compared to $618 million in the previous year.
The hair care category reported net sales of $180 million, as compared to $154 million in the previous year.
The company reported six-month net sales of $9.93 billion, an 18% increase as compared to $8.42 billion in the previous year.
Net earnings were $1.78 billion, as compared to $1.40 billion in the previous year.
Organic net sales also increased 14%.
Net sales are forecast to increase between 10% and 12%, as compared to the previous year.
Full Year Fiscal 2022 Outlook
Net sales are forecast to increase between 13% and 16%, as compared to the previous year.
Fabrizio Freda, president and CEO said:
We achieved record sales and profitability in the second quarter of fiscal 2022, empowered by the timeless desirability of our brands and despite accelerated volatility and variability, as well as supply chain challenges, from the pandemic. Every category, region and major channel expanded, showcasing the strength of our multiple engines of growth strategy. We seized the favorable dynamics of skin care, fragrance, developed markets in the West, and brick-and-mortar, and continued to prosper in the East with Chinese consumers as well as in global travel retail and global online.
Our brands excelled in the key shopping moments of 11.11 and holiday, welcoming new consumers and serving loyal consumers with festive exclusives, highly-sought hero products, enticing innovation, and elevated high-touch services in-store and online. As we embark on the second half of fiscal 2022, our business is far bigger and more profitable than pre-pandemic with every region larger. This reinforces our confidence in our ability to navigate the impacts of the prolonged pandemic. We are raising our fiscal 2022 full year outlook, as we reflect our outstanding results to-date and are mindful of the risks of continued volatility and disruption in the second half of the year.