Estee Lauder, a leader in prestige beauty products, reported a challenging fiscal year 2024 with net sales declining to $15.6 billion, a 2% decrease from the previous year's $15.9 billion. The company's operating income also saw a significant drop to $970 million, a 36% decrease from $1.5 billion in 2023. The decline in financial performance was primarily due to lower sales in skin care, makeup, and hair care, partially offset by a slight increase in fragrance sales. The Americas region experienced a slight increase in sales, while Europe, the Middle East & Africa, and Asia/Pacific regions saw declines. Estee Lauder's net earnings attributable to the company decreased by 61% to $390 million, with diluted earnings per share falling to $1.08 from $2.79 in the previous year. The company faced...Show More

Estee Lauder, a leader in prestige beauty products, reported a challenging fiscal year 2024 with net sales declining to $15.6 billion, a 2% decrease from the previous year's $15.9 billion. The company's operating income also saw a significant drop to $970 million, a 36% decrease from $1.5 billion in 2023. The decline in financial performance was primarily due to lower sales in skin care, makeup, and hair care, partially offset by a slight increase in fragrance sales. The Americas region experienced a slight increase in sales, while Europe, the Middle East & Africa, and Asia/Pacific regions saw declines. Estee Lauder's net earnings attributable to the company decreased by 61% to $390 million, with diluted earnings per share falling to $1.08 from $2.79 in the previous year. The company faced challenges including competitive pressures, a slowdown in prestige beauty growth, and business disruptions in various regions. Despite these challenges, Estee Lauder continues to focus on strategic initiatives, including expanding its digital and social media presence, engaging with global and local influencers, and tailoring its strategy by market to drive consumer engagement. The company remains committed to investing for long-term sustainable growth and monitoring the effects of the global macro environment.