Net Sales Decreased 11% and Diluted Loss per
Share was $.02
Net Sales Decreased 9% and Adjusted Diluted
EPS was $.86 in Constant Currency
Company Sees Continued Acceleration of
Global Online Net Sales and Initial Recovery in Mainland
China
Continues Global Relief Efforts, Launches
ELC Cares Employee Relief Fund
The Estée Lauder Companies Inc. (NYSE: EL) today reported net
sales of $3.35 billion for its third quarter ended March 31, 2020,
a decrease of 11% from $3.74 billion in the prior-year period.
Excluding the impact of currency translation, net sales decreased
9%. The net sales decline was driven by retail store closures as a
result of the global spread of COVID-19 that was partially offset
by the inclusion of net sales from the Company’s recent acquisition
of Have&Be Co. Ltd. (“Dr. Jart+”), which contributed
approximately 2 percentage points to reported net sales growth.
The Company reported a net loss of $(6) million, compared with
net earnings of $555 million last year. Diluted net loss per common
share was $(.02), compared with diluted earnings per common share
of $1.51 reported in the prior-year period. Excluding the negative
impact of currency translation, adjusted diluted earnings per
common share, which excludes items detailed on page 5, fell 45% to
$.86.
Fabrizio Freda, President and Chief Executive Officer said,
“While the terrific double-digit momentum in sales growth from the
first half of our fiscal year carried into January, the dynamics in
the quarter changed significantly as COVID-19 spread beyond Asia.
By early March, consumers around the world began social distancing
which resulted in lower traffic in retail locations. As March
evolved, most retail stores temporarily closed and consumers
increasingly stayed home. In this very complex and unprecedented
environment, there were several bright spots across our portfolio
which drove global prestige beauty share expansion in the quarter.
The Estée Lauder, Darphin, and Le Labo brands grew, global online
sales rose strong double-digits, sales in mainland China and global
travel retail increased, and skin care sales grew internationally,
including Dr. Jart+. The surge in our online business worldwide,
coupled with the recovery we are seeing emerge in China, confirm
consumers’ passion for our prestige beauty portfolio.
“In light of ongoing temporary store closures in many regions,
we have begun to adjust our cost structure and have enhanced our
liquidity during this challenging time. We remain focused on our
proven strategy built on multiple engines of growth and the
desirability of our brands and their hero franchises. Our diverse
portfolio of categories, channels and geographies affords us the
needed agility to navigate through this environment and emerge
strongly. We stand ready to leverage the recovery when stores
reopen and consumers restock at home.”
Freda emphasized, “As the global community continues to confront
the COVID-19 pandemic, the health and well-being of our employees
and consumers remain paramount to us. We are continuing to find
ways to make meaningful contributions worldwide, both monetary and
in-kind. We are producing over one million hand sanitizers at our
plants in the United States and Europe. This week, we established
the ELC Cares Employee Relief Fund, our newest giving initiative,
which will be funded through contributions from the Company, the
Lauder family and our employees to provide immediate and critical
financial relief to employees whose lives have been impacted by the
pandemic.”
COVID-19 Business Update
During the third quarter of fiscal 2020, the outbreak and global
spread of COVID-19 caused a significant disruption in the Company’s
operating environment. Accordingly, the Company modified a number
of its business practices, in part due to legislation, executive
orders and guidance from government entities and healthcare
authorities (collectively, “COVID-19 Directives”). These include
the temporary closing of businesses deemed “non-essential,” travel
bans and restrictions, social distancing and quarantines.
As a result of the COVID-19 Directives, retail stores across
most regions, whether operated by the Company or its customers,
have been closed for some period of time. In Asia/Pacific, some
retail stores in northern Asia have been reopening after closing
for most of February and March while most retail stores in southern
Asia remain closed, and retail stores in Europe, the Middle East
& Africa and in The Americas began closing in early March. In
addition, air travel has been largely curtailed to and from Asia
since the end of January and the remaining international travel
routes since March, adversely impacting the growth trend of the
travel retail business. During this time, a majority of the
Company’s facilities continued to manufacture and distribute
products globally, albeit in a much-reduced capacity in light of
safety measures taken to protect the Company’s employees.
In the Asia/Pacific region, operations in mainland China were
meaningfully impacted from late January through March as a result
of COVID-19. At the peak in February, over 70% of retail doors,
whether operated by the Company or its customers, were closed, and
the remaining stores were operating on reduced hours. During that
period, online net sales growth accelerated as beauty advisors and
retailers worked to capture consumer demand online. Net sales in
mainland China returned to double-digit growth in constant currency
in March, mainly driven by online. As of mid-April 2020, virtually
all doors are open in Greater China and Korea. The Company has also
reopened its corporate offices in Shanghai. Net sales in mainland
China grew year-over-year during the third quarter of fiscal 2020
and net sales in Korea have returned to growth since the beginning
of April. In the rest of Asia/Pacific, between 80% and 100% of
doors in most markets remained closed as of mid-April.
In The Americas and in Europe, the Middle East & Africa,
most retail doors began closing in March in accordance with
guidance from government entities and healthcare authorities. At
the same time, consumers started staying home to maintain proper
social distancing. Many retail locations in the Balkan peninsula
and the Nordic region have remained open. Some countries have
recently announced plans to gradually reopen in the coming months,
including Germany and Italy. Consistent with the trends in mainland
China, online net sales growth has also accelerated in The Americas
and in Europe, the Middle East & Africa.
COVID-19 and its various impacts have also influenced consumer
preferences due to the closures of offices, retail stores and other
businesses and the significant decline in social gatherings. The
demand for skin care and hair care products has been more resilient
than the demand for makeup and fragrance. Within skin care, the
demand for products in hero franchises has remained strong, driving
high single-digit growth at the Estée Lauder brand during the third
quarter of fiscal 2020.
In response to the impacts from COVID-19, the Company started to
implement strict cost controls in January to help mitigate the
expected loss of sales in mainland China and travel retail. In the
fiscal 2020 third quarter, the Company took immediate actions to
reduce expenses, including advertising and promotion activities,
travel, meetings, consulting, and certain employee costs, including
implementing a hiring freeze. Combined, these resulted in
approximately $250 million of savings in the period. As the
COVID-19 impacts rapidly spread throughout Europe and the Americas,
the corresponding impact on sales resulted in an operating margin
decline.
The cost controls put in place during the third quarter are
expected to deliver an even larger benefit starting in the fiscal
2020 fourth quarter. Additionally, the Company announced new cost
saving actions on April 15, 2020, that are expected to have a
greater impact beginning in May 2020. These include furloughs and
similar unpaid temporary leaves of absence for many point of sale
employees, temporary salary reductions for senior executives and
other management employees, and a temporary elimination of cash
retainers for the Board of Directors. Together, the Company
estimates that these actions, combined with those implemented in
the fiscal 2020 third quarter, will reduce operating expenses by
approximately $500 million to $600 million in the fiscal 2020
fourth quarter.
The Company expects to reduce capital investments (e.g.,
facilities and consumer-facing counters) by approximately $250
million to $300 million for fiscal 2020. It has temporarily
suspended repurchases of the Company’s Class A Common Stock and has
suspended the quarterly cash dividend that would have been paid in
June 2020. The Company also raised an additional $2.2 billion of
cash, as of April 2020, by borrowing the full amount under its $1.5
billion revolving credit facility and issued $700 million of Senior
Unsecured Notes. The Company will continue to monitor the impact of
COVID-19 and adjust its action plans accordingly as the situation
progresses. The Company stands ready to facilitate the recovery as
soon as the market dynamics support it.
COVID-19 Corporate Giving Initiatives
Update As the world confronts the wide-ranging impacts
of the COVID-19 pandemic, The Estée Lauder Companies stands with
the global community to help limit the spread of the virus and ease
the related economic hardships faced by those it affects.
The Company, its brands and its foundations have made numerous
donations including commitments to Doctors Without Borders, The New
York City COVID-19 Response and Impact Fund, Red Cross Society of
China, Shanghai Charity Foundation, Give2Asia, and Community Chest
of Korea. And, the Company is making over one million hand
sanitizers for front line workers, high-risk individuals and its
employees.
The Estée Lauder brand donated two million surgical masks for
front-line workers in New York, Clinique donated 50,000 skin care
products to doctors and nurses in New York City’s hospitals, Aveda
launched Aveda Cares, a relief program to benefit independent
salons and stylists in the United States, and the M•A•C VIVA GLAM
fund is donating funds to local organizations globally that are
providing essential needs and services to people at higher risk of
being infected with COVID-19.
To support its employees worldwide facing financial hardships
due to COVID-19, the Company has established an ELC Cares Employee
Relief Fund, consisting of contributions from the Company, the
Lauder family and the Company’s employees.
Fiscal 2020 Third Quarter
Results The Company recorded a $346 million, or $.83 per
diluted share, impairment charge across Too Faced, GLAMGLOW, BECCA,
Smashbox and certain of its freestanding stores, reflecting the
recent actual and estimated potential future financial impacts of
COVID-19. With the exception of GLAMGLOW, the impairment of
goodwill is not tax deductible, which negatively impacted the
fiscal 2020 third quarter tax rate. A higher effective rate on the
Company’s foreign operations also resulted in a higher tax rate.
The overall higher tax rate contributed to the net loss for the
quarter.
Adjusted diluted earnings (loss) per common share excludes
restructuring and other charges, changes in contingent
consideration, goodwill, other intangible and long-lived asset
impairments, and other income, net as detailed in the following
table.
Reconciliation between GAAP and Non-GAAP Three Months
Ended March 31, 2020 Three Months EndedMarch 31 Net
Sales Diluted EPS(2) Diluted Earnings PerShare(2) (Unaudited) %
Change %Change,ConstantCurrency % Change %Change,ConstantCurrency
2020
2019
As Reported Results (1)
(11
)
%
(9
)
%
(100+)
%
(100
)
%
$
(.02
)
$
1.51
Restructuring and other charges
.05
.07
Contingent consideration
(.01
)
(.02
)
Goodwill, other intangible and long-lived asset impairments
.83
.14
Other income, net
-
(.15
)
Non-GAAP
(10
)
%
(45)
%
$
.85
$
1.55
Impact of foreign currency on earnings per share
.01
Non-GAAP, constant currency earnings per share
(45
)
%
$
.86
(1) Represents GAAP, except Constant Currency percentages
(2) For the three months ended March 31, 2020 the effects of
potentially dilutive stock options, performance share units, and
restricted stock units of approximately 5.9 million shares, were
excluded from the computation of As Reported and adjustments to
Non-GAAP diluted loss per share as they were anti-dilutive due to
the net loss incurred during the period. These shares were added to
the weighted-average common shares outstanding to calculate
Non-GAAP diluted earnings per common share.
Net sales and operating income in the Company’s product
categories and regions outside of the United States were
unfavorably impacted by a stronger U.S. dollar in relation to most
currencies.
Results by Product Category Three Months Ended March
31 Net Sales Percent Change Operating Income(Loss)
PercentChange
(Unaudited; $ in millions)
2020
2019
Reported Basis
Constant Currency
2020
2019
Reported Basis
Skin Care
$
1,723
$
1,744
(1
)
%
-
%
$
418
$
593
(30
)
%
Makeup
1,146
1,461
(22
)
(20
)
(283
)
99
(100+)
Fragrance
349
392
(11
)
(10
)
-
17
(100
)
Hair Care
119
136
(13
)
(12
)
(2
)
(2
)
-
Other
8
13
(38
)
(38
)
1
2
(50
)
Subtotal
3,345
3,746
(11
)
(10
)
134
709
(81
)
Returns/charges associated
with restructuring and other
activities
-
(2
)
(25
)
(35
)
Total
$
3,345
$
3,744
(11
)
%
(9
)
%
$
109
$
674
(84
)
%
Total reported operating income was $109 million, an 84%
decrease from $674 million in the prior year. Operating income
decreased 36% excluding (i) goodwill, other intangible asset and
long-lived asset impairments related to Too Faced, GLAMGLOW, BECCA,
Smashbox and certain of the Company’s freestanding stores,
combined, of $346 million compared to $52 million related to
Smashbox in the prior-year period, (ii) restructuring and other
charges and adjustments of $23 million compared with restructuring
and other charges and adjustments of $26 million recorded in the
prior-year period and (iii) the unfavorable impact of currency
translation of $7 million. This decline largely reflected lower net
sales due to the impacts of COVID-19 as well as higher costs as a
percentage of net sales to maintain employee salaries and benefits
in Asia/Pacific since late January and during March in other parts
of the world despite the retail store closures. These impacts were
partially offset by the acceleration of online growth and
disciplined expense management throughout the business from cost
containment actions taken in response to COVID-19.
Skin Care
- Skin care was the most resilient category globally.
- Net sales from the Company’s acquisition of Dr. Jart+ in
December 2019 contributed to skin care net sales. The results of
operations of this new business are being reported on a one-month
lag to facilitate consolidated reporting, with ten weeks of results
included in the consolidated statement of earnings (loss) for the
period ended March 31, 2020.
- An increase in net sales at Estée Lauder, as well as the
incremental net sales from the Company’s acquisition of Dr. Jart+
in December 2019, helped to offset lower net sales from Clinique,
La Mer and Origins.
- Estée Lauder continued to grow in mainland China as well as in
Asia/Pacific and delivered double-digit growth in both travel
retail and online driven by consumer demand for high loyalty hero
franchises, including Advanced Night Repair and Perfectionist.
- Operating income declined, driven by lower net sales at La Mer
and Clinique as well as goodwill and other intangible asset
impairments related to GLAMGLOW. In addition, incremental cost
containment in response to COVID-19 only partially offset expenses
and planned strategic investments that could not be immediately
deferred or cancelled, including those made around Chinese New
Year.
Makeup
- Net sales declined in makeup, reflecting lower net sales from
M•A•C, Clinique, Bobbi Brown, Tom Ford Beauty and Too Faced due
primarily to the impacts of COVID-19, as noted above, and the
ongoing softness in color cosmetics sales in most markets.
- Net sales fromTom Ford Beauty grew in Asia/Pacific due to
continued success on Tmall since the brand launched in April
2019.
- Makeup operating income declined, primarily reflecting goodwill
and other intangible asset impairments related to Too Faced and
BECCA, long-lived asset impairments and lower net sales from M•A•C,
Clinique and Too Faced. Planned strategic investments to support
initiatives at M•A•C also contributed to the decrease. These
decreases were partially offset by disciplined expense management
across all brands after the COVID-19 outbreak.
Fragrance
- Net sales decreased, primarily due to declines from Jo Malone
London and certain designer fragrances due to the impacts of
COVID-19, as mentioned above, and the expiration of the Tory Burch
license agreement in December 2019.
- Jo MaloneLondon continued to grow net sales in Asia/Pacific,
led by Korea and Japan, with the launch of Vetiver & Golden
Vanilla and Valentine’s Day gift sets.
- Fragrance operating income declined, driven primarily by lower
net sales partially offset by disciplined expense management.
Hair Care
- Hair care net sales declined at both Aveda and Bumble and
bumble due to the impacts of COVID-19, as mentioned above, which
led to retail and salon closures.
- Prior to the salon and store closures in the wake of COVID-19,
net sales of Aveda’s Nutriplenish, a new line of hydrating hair
care products, were strong globally.
- Hair care operating results were flat.
Results by Geographic Region Three Months Ended March
31 Net Sales Percent Change Operating Income(Loss) Percent
Change (Unaudited; $ in millions)
2020
2019
Reported Basis
Constant Currency
2020
2019
Reported Basis
The Americas
$
892
$
1,155
(23
)
%
(23
)
%
$
(217
)
$
200
(100+)
% Europe, the Middle East & Africa
1,525
1,625
(6
)
(5
)
202
265
(24
)
Asia/Pacific
928
966
(4
)
(1
)
149
244
(39
)
Subtotal
3,345
3,746
(11
)
(10
)
134
709
(81
)
Returns/charges associated
with restructuring and other
activities
-
(2
)
(25
)
(35
)
Total
$
3,345
$
3,744
(11
)
%
(9
)
%
$
109
$
674
(84
)
%
Beginning in the fiscal 2020 first quarter, changes were made to
reflect certain Leading Beauty Forward enhancements in the
capabilities and cost structure of our travel retail business,
which are primarily centralized in The Americas region. This
resulted in a change to the royalty structure of the travel retail
business to reflect the value created in The Americas region.
Accordingly, for the third quarter, the fiscal 2019 operating
income of The Americas was increased by $229 million, with a
corresponding decrease in Europe, the Middle East & Africa, to
conform with the current year methodology and presentation.
The Americas
- As the very strong impacts of COVID-19 evolved, net sales in
brick & mortar declined more rapidly across the region due to
the closure of retail locations in March as well as the timing and
size of launches during last year’s third quarter. In response, the
Company focused on driving net sales in the online channel, which
partially offset declines in brick & mortar.
- Online net sales growth accelerated in March following the
closure of retail doors in the region.
- Net sales in Latin America grew during the first two months of
the quarter, driven by increases in Mexico, Chile, Columbia and
Argentina. For the quarter, however, net sales declined due to the
impacts of COVID-19, which led to retail and salon closures in
March 2020.
- Operating income in The Americas decreased, reflecting goodwill
and other intangible asset impairments related to Too Faced,
GLAMGLOW, BECCA and Smashbox, long-lived asset impairments, lower
net sales, and higher costs as a percentage of net sales to
maintain employee salaries and benefits despite retail store
closures related to COVID-19, partially offset by disciplined
expense management.
Europe, the Middle East &
Africa
- Net sales declined across most of the region due to the impacts
from COVID-19. However, net sales increased in the online and
global travel retail channels as well as in the Balkans and the
Middle East.
- As a result of the Company’s increased focus on reaching
consumers online following the retail door closures during the
quarter, net sales online increased double-digit. The online
business accelerated strongly in March.
- Net sales from the Company’s global travel retail business grew
during the quarter as the adverse impacts from COVID-19 were more
than offset by strong growth in January and February. Net sales
growth primarily reflected strength from Estée Lauder and Origins,
due to the continued success of certain hero franchises, such as
Estée Lauder’s Advanced Night Repair and Dr. Andrew Weil For
Origins Mega-Mushroom Relief & Resilience Soothing Treatment
Lotion.
- Operating income decreased, primarily reflecting lower net
sales and higher costs as a percentage of net sales to maintain
employee salaries and benefits despite retail store closures
related to COVID-19, partially offset by disciplined expense
management.
Asia/Pacific
- The quarter started strong with double-digit growth in January,
but net sales for the quarter declined following retail store
closures due to COVID-19 at the end of January that lasted through
the end of the quarter. Net sales in the region benefitted from
incremental net sales from the Company’s acquisition of Dr. Jart+
in December 2019.
- The Company quickly refocused its advertising investments and
strategy to the online channel, which resulted in exceptionally
strong double-digit growth.
- Net sales increased in mainland China and Taiwan in the
quarter.
- In mainland China, net sales grew strong double digits in
January. In February, more than 70% of brick & mortar stores
were closed and the remaining stores operated on shortened hours
with very little traffic, leading to a decline in net sales in the
month. The Company shifted its focus, including quickly deploying
social selling capabilities, to attract consumers online, which
resulted in net sales returning to growth in the month of
March.
- Skin care and fragrance net sales grew in the region, and hair
care net sales grew in constant currency.
- Operating income decreased, reflecting the lower net sales,
incremental expenses related to strategic investments in social
selling to drive business online, and higher costs as a percentage
of net sales to maintain employee salaries and benefits despite
retail store closures related to COVID-19. These were partially
offset by cost mitigation strategies in response to COVID-19.
Nine-Month Results
- For the nine months ended March 31, 2020, the Company reported
net sales of $11.86 billion, a 5% increase compared with $11.27
billion in the prior-year period. Net sales increased 6% in
constant currency.
- Net earnings were $1.15 billion, and diluted earnings per share
was $3.12. In the prior-year nine months, the Company reported net
earnings of $1.63 billion and diluted earnings per share of
$4.39.
- During the nine-months ended March 31, 2020, the Company
recorded restructuring and other charges, changes in contingent
consideration, goodwill, other intangible and long-lived asset
impairments, and Other income, net primarily related to a gain on a
previously held equity investment in Have & Be that, combined,
totaled $601 million ($554 million after tax), equal to $1.51 per
diluted share. The prior-year period results include restructuring
and other charges, goodwill and other intangible asset impairments
and changes in contingent consideration that, combined, totaled
$118 million ($114 million after tax), equal to $.31 per diluted
share, as detailed in the table on page 15.
- Excluding restructuring and other charges and adjustments,
diluted net earnings per common share for the nine months ended
March 31, 2020 was $4.63, and in constant currency declined 1%. For
the nine months ended March 31, 2020, the negative impact of
foreign currency translation on diluted net earnings per common
share was $.03.
Cash Flows
- For the nine months ended March 31, 2020, net cash flows
provided by operating activities were $1.95 billion, compared with
$1.76 billion in the prior year.
- On December 18, 2019, the Company used $1.27 billion in cash to
complete the acquisition of Have & Be. This was financed with
the proceeds from a $1.8 billion offering of new senior notes, a
portion of which was used to refinance $500 million of senior notes
due February 7, 2020.
- During the quarter ended March 31, 2020, the Company borrowed
$1.3 billion under its existing $1.5 billion revolving credit
facility and had $200 million of commercial paper outstanding.
Subsequent to the end of the quarter, the Company issued $700
million of new senior notes, and borrowed the remaining $200
million under the revolving credit facility to repay the $200
million in commercial paper that was outstanding at March 31, 2020.
These actions were taken to enhance the Company’s financial
flexibility and liquidity given the uncertainty regarding the
business impacts of COVID-19.
Outlook for Fiscal 2020 Full
Year The Company continues to believe that strong
consumer demand for its high-quality products remains intact
despite temporary challenges related to COVID-19. For the fiscal
year, the Company expects to continue to build global share, even
in a declining market.
The Company expects the majority of retail stores will remain
closed for most of the fiscal 2020 fourth quarter and that traffic
will rebuild gradually when stores reopen around the world. As a
result, the Company expects global prestige beauty to continue to
be adversely impacted during that period. The Company is mindful
that some retail locations in certain markets may not reopen and
there are likely to be lingering adverse global economic and social
impacts. The Company is also mindful of other risks related to
social, economic and political matters, including restructurings
and bankruptcies in the retail industry, destocking and tighter
working capital management by retailers, challenges for suppliers,
geopolitical tensions, regulatory developments, global security
issues, currency volatility, general economic challenges and
changes in where and how consumers shop that is affecting consumer
spending in certain countries, channels and travel corridors.
Given the uncertainty around the timing, speed and duration of
the recovery from the adverse impacts of COVID-19, the Company is
not providing specific sales and EPS guidance for the fiscal 2020
fourth quarter and full year. The Company stands ready to
facilitate the recovery in fiscal 2021 as soon as the market
dynamics support it. The Company’s actions to control costs during
this very volatile moment, while maintaining the flexibility to
make strategic investments in the areas of greatest opportunity,
are expected to help it emerge strongly when the global recovery
begins.
Conference Call The Estée
Lauder Companies will host a conference call at 9:30 a.m. (ET)
today, May 1, 2020 to discuss its results. The dial-in number for
the call is 888-294-4716 in the U.S. or 706-902-0101
internationally (conference ID number: 4138908). The call will also
be webcast live at
http://www.elcompanies.com/investors/events-and-presentations.
Cautionary Note Regarding
Forward-Looking Statements Statements in this press
release, in particular those in “Outlook for Fiscal 2020 Full
Year,” as well as remarks by the CEO and other members of
management, may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements may address our expectations regarding sales,
earnings or other future financial performance and liquidity, other
performance measures, product introductions, entry into new
geographic regions, information technology initiatives, new methods
of sale, our long-term strategy, restructuring and other charges
and resulting cost savings, and future operations or operating
results. These statements may contain words like “expect,” “will,”
“will likely result,” “would,” “believe,” “estimate,” “planned,”
“plans,” “intends,” “may,” “should,” “could,” “anticipate,”
“estimate,” “project,” “projected,” “forecast,” and “forecasted” or
similar expressions.
Factors that could cause actual results to
differ materially from our forward-looking statements include the
following:
(1)
increased competitive activity from
companies in the skin care, makeup, fragrance and hair care
businesses;
(2)
the Company’s ability to develop, produce
and market new products on which future operating results may
depend and to successfully address challenges in the Company’s
business;
(3)
consolidations, restructurings,
bankruptcies and reorganizations in the retail industry causing a
decrease in the number of stores that sell the Company’s products,
an increase in the ownership concentration within the retail
industry, ownership of retailers by the Company’s competitors or
ownership of competitors by the Company’s customers that are
retailers and our inability to collect receivables;
(4)
destocking and tighter working capital
management by retailers;
(5)
the success, or changes in timing or
scope, of new product launches and the success, or changes in the
timing or the scope, of advertising, sampling and merchandising
programs;
(6)
shifts in the preferences of consumers as
to where and how they shop;
(7)
social, political and economic risks to
the Company’s foreign or domestic manufacturing, distribution and
retail operations, including changes in foreign investment and
trade policies and regulations of the host countries and of the
United States;
(8)
changes in the laws, regulations and
policies (including the interpretations and enforcement thereof)
that affect, or will affect, the Company’s business, including
those relating to its products or distribution networks, changes in
accounting standards, tax laws and regulations, environmental or
climate change laws, regulations or accords, trade rules and
customs regulations, and the outcome and expense of legal or
regulatory proceedings, and any action the Company may take as a
result;
(9)
foreign currency fluctuations affecting
the Company’s results of operations and the value of its foreign
assets, the relative prices at which the Company and its foreign
competitors sell products in the same markets and the Company’s
operating and manufacturing costs outside of the United States;
(10)
changes in global or local conditions,
including those due to the volatility in the global credit and
equity markets, natural or man-made disasters, real or perceived
epidemics, or energy costs, that could affect consumer purchasing,
the willingness or ability of consumers to travel and/or purchase
the Company’s products while traveling, the financial strength of
the Company’s customers, suppliers or other contract
counterparties, the Company’s operations, the cost and availability
of capital which the Company may need for new equipment, facilities
or acquisitions, the returns that the Company is able to generate
on its pension assets and the resulting impact on funding
obligations, the cost and availability of raw materials and the
assumptions underlying the Company’s critical accounting
estimates;
(11)
impacts attributable to the coronavirus
outbreak, which has become the COVID-19 pandemic, including
disruptions to our global business;
(12)
shipment delays, commodity pricing,
depletion of inventory and increased production costs resulting
from disruptions of operations at any of the facilities that
manufacture the Company’s products or at the Company’s distribution
or inventory centers, including disruptions that may be caused by
the implementation of information technology initiatives, or by
restructurings;
(13)
real estate rates and availability, which
may affect the Company’s ability to increase or maintain the number
of retail locations at which the Company sells its products and the
costs associated with the Company’s other facilities;
(14)
changes in product mix to products which
are less profitable;
(15)
the Company’s ability to acquire, develop
or implement new information and distribution technologies and
initiatives on a timely basis and within the Company’s cost
estimates and the Company’s ability to maintain continuous
operations of such systems and the security of data and other
information that may be stored in such systems or other systems or
media;
(16)
the Company’s ability to capitalize on
opportunities for improved efficiency, such as publicly-announced
strategies and restructuring and cost-savings initiatives, and to
integrate acquired businesses and realize value therefrom;
(17)
consequences attributable to local or
international conflicts around the world, as well as from any
terrorist action, retaliation and the threat of further action or
retaliation;
(18)
the timing and impact of acquisitions,
investments and divestitures; and
(19)
additional factors as described in the
Company’s filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the fiscal year ended
June 30, 2019.
The Company assumes no responsibility to
update forward-looking statements made herein or otherwise.
The Estée Lauder Companies Inc. is one of the world’s leading
manufacturers and marketers of quality skin care, makeup, fragrance
and hair care products. The Company’s products are sold in
approximately 150 countries and territories under brand names
including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab
Series, Origins, Tommy Hilfiger, M•A•C, Kiton, La Mer, Bobbi Brown,
Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and
bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo
Zegna, AERIN, RODIN olio lusso, Le Labo, Editions de Parfums
Frédéric Malle, GLAMGLOW, By Kilian, BECCA, Too Faced and Dr.
Jart+.
ELC-F ELC-E
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited; $ in millions, except per share data and percentages)
Three Months EndedMarch 31 PercentChange Nine
Months EndedMarch 31 PercentChange
2020
2019
2020
2019
Net Sales
$
3,345
$
3,744
(11
)
%
$
11,864
$
11,273
5
%
Cost of sales (A)
836
819
2
%
2,785
2,552
9
%
Gross Profit
2,509
2,925
(14
)
%
9,079
8,721
4
%
Gross Margin
75.0
%
78.1
%
76.5
%
77.4
%
Operating expenses: Selling, general and administrative (B)
2,030
2,170
(6
)
%
6,753
6,435
5
%
Restructuring and other charges (A)
24
29
(17
)
%
54
99
(45
)
%
Goodwill impairment (C)
275
48
100+
%
786
68
100+
% Other intangible and long-lived asset impairment (C)
71
4
100+
%
337
22
100+
%
2,400
2,251
7
%
7,930
6,624
20
%
Operating Expense Margin
71.7
%
60.1
%
66.8
%
58.8
%
Operating Income
109
674
(84
)
%
1,149
2,097
(45
)
%
Operating Income Margin
3.3
%
18.0
%
9.7
%
18.6
%
Interest expense
42
32
31
%
112
101
11
%
Interest income and investment income, net
14
15
(7
)
%
41
42
(2
)
%
Other components of net periodic benefit cost
1
1
-
%
3
1
100+
% Other income, net (D)
-
71
(100
)
%
576
71
100+
%
Earnings before Income Taxes
80
727
(89
)
%
1,651
2,108
(22
)
%
Provision for income taxes (E)
84
170
(51
)
%
496
472
5
%
Net Earnings (Loss)
(4
)
557
(100+)
%
1,155
1,636
(29
)
%
Net earnings attributable to
noncontrolling interests
(2
)
(2
)
-
%
(9
)
(8
)
13
%
Net Earnings (Loss) Attributable to The
Estée Lauder Companies Inc.
$
(6
)
$
555
(100+)
%
$
1,146
$
1,628
(30
)
%
Net earnings (loss) attributable to The
Estée Lauder Companies Inc. per common
share: Basic
$
(.02
)
$
1.53
(100+)
%
$
3.18
$
4.47
(29
)
%
Diluted
(.02
)
1.51
(100+)
%
3.12
4.39
(29
)
%
Weighted average common shares outstanding:
Basic
360.2
361.9
360.6
364.0
Diluted
360.2
368.3
367.1
370.9
(A) In May 2016, we announced a multi-year initiative (“Leading
Beauty Forward”) to build on our strengths and better leverage our
cost structure to free resources for investment to continue our
growth momentum. Leading Beauty Forward is designed to enhance our
go-to-market capabilities, reinforce our leadership in global
prestige beauty and continue creating sustainable value. As of June
30, 2019, we concluded the approvals of all major initiatives under
Leading Beauty Forward related to the optimization of select
corporate functions, supply chain activities, and corporate and
regional market support structures, as well as the exit of
underperforming businesses, and expect to substantially complete
those initiatives through fiscal 2021. Inclusive of approvals from
inception through June 30, 2019, we estimate that Leading Beauty
Forward may result in related restructuring and other charges
totaling between $950 million and $990 million, before taxes,
consisting of employee-related costs, asset write-offs and other
costs to implement these initiatives. After its full
implementation, we expect Leading Beauty Forward to yield annual
net benefits, primarily in Selling, general and administrative
expenses and, to a lesser extent, Cost of sales, of between $425
million and $475 million, before taxes. These savings can be used
to improve margin, mitigate risk and invest in future growth
initiatives.
For the three and nine months ended March 31, 2020, the Company
recognized $18 million ($14 million, net of tax) of asset-related
costs due to the impairment of operating lease ROU assets as a
result of closed freestanding retail stores, approved under LBF,
whereby the ability to sublease the locations was negatively
impacted by the COVID-19 pandemic. These charges were initially
approved under LBF prior to fiscal 2020 as contract terminations
related to continuing lease payments to landlords after exiting the
location.
(B) The Company recorded $2 million ($2 million, net of tax) and
$9 million ($8 million, net of tax) of income within selling,
general and administrative expenses for the three and nine months
ended March 31, 2020, respectively, to reflect changes in the fair
value of its contingent consideration related to certain of its
fiscal 2015 and 2016 acquisitions. During the three and nine months
ended March 31, 2019, the Company recorded $9 million ($7 million,
net of tax) and $18 million ($15 million, net of tax) of income,
respectively.
(C) During December 2019, given the continuing declines in
prestige makeup, generally in North America, and the ongoing
competitive activity, the Company’s Too Faced, BECCA and Smashbox
reporting units made revisions to their internal forecasts
concurrent with the Company’s brand strategy review process,
triggering a need for an interim impairment review. As a result of
this review, the Company recorded $777 million ($663 million, net
of tax) of goodwill and other intangible asset impairments, during
the three months ended December 31, 2019.
During March 2020, given the actual and the estimate of the
potential future impacts relating to the uncertainty of the
duration and severity of COVID-19 impacting the Company, the
Company made revisions to the internal forecasts relating to its
Too Faced, BECCA, Smashbox and GLAMGLOW reporting units. The
Company concluded that the changes in circumstances in these
reporting units triggered the need for an interim impairment
review. As a result of this review, the Company recorded $333
million ($288 million, net of tax) of goodwill and other intangible
asset impairments, during the three months ended March 31,
2020.
The Company also recognized $13 million ($10 million, net of
tax) of long-lived asset impairments, included in impairments of
other intangible and long-lived assets, in the accompanying
consolidated statements of earnings (loss) for the three and nine
months ended March 31, 2020, related to operating lease ROU assets
and the related property, plant and equipment in certain
freestanding stores primarily in North America due to the impact of
the COVID-19 pandemic.
Total goodwill, other intangible and long-lived asset impairment
charges were $346 million with an impact of $.83 per common share
and $1,123 million with an impact of $2.62 per common share for the
three and nine months ended March 31, 2020, respectively.
The Company recorded $52 million ($52 million, net of tax) and
$90 million ($86 million, net of tax) of goodwill and other
intangible asset impairments with an impact of $.14 and $.23 per
common share for the three and nine months ended March 31, 2019,
respectively, related to its Smashbox reporting unit.
(D) In conjunction with the acquisition of the remaining equity
interest in Have & Be, the Company recorded a gain on its
previously held equity method investment of $553 million (inclusive
of the recognition of a previously unrealized foreign currency gain
of $4 million, which was reclassified from accumulated other
comprehensive income). The Company also recorded a $23 million
foreign currency gain as a result of cash transferred to a foreign
subsidiary for the purposes of making the closing payment. The
total gain of $576 million ($450 million, net of tax) had an impact
of $1.23 per common share for the nine months ended March 31,
2020.
The Tax Cuts and Jobs Act (the “TCJA”), which was enacted on
December 22, 2017, presented us with opportunities to manage cash
and investments more efficiently on a global basis. Accordingly,
during the three months ended March 31, 2019, as part of the
assessment of those opportunities, we sold our available-for-sale
securities, which liquidated our investment in the foreign
subsidiary that owned those securities. As a result, we recorded a
realized net gain on liquidation of our investment in a foreign
subsidiary of $71 million ($57 million after tax), for a net impact
of $.15 per common share.
(E) During the nine months ended March 31, 2019, the Company
recorded a net charge of $5 million equal to $.01 per common share
to reflect the finalization of the provisional amounts for the
impact of the TCJA.
Returns and Charges Associated With Restructuring and Other
Activities and Other Adjustments (Unaudited; $ in
millions, except per share data) Operating Expenses SalesReturns
Cost ofSales RestructuringCharges OtherCharges/Adjustments Total
After Tax DilutedEarnings PerShare(1)
Three Months Ended March
31, 2020 Leading Beauty Forward
$
-
$
1
$
19
$
5
$
25
$
20
$
.05
Contingent consideration
(2
)
(2
)
(2
)
(.01
)
Goodwill, other intangible and
long-lived asset impairments
346
346
298
.83
Total
$
-
$
1
$
19
$
349
$
369
$
316
$
.87
Nine Months Ended March 31, 2020 Leading Beauty
Forward
$
-
$
9
$
20
$
34
$
63
$
51
$
.14
Contingent consideration
(9
)
(9
)
(8
)
(.02
)
Goodwill, other intangible and
long-lived asset impairments
1,123
1,123
961
2.62
Other income, net
(576
)
(576
)
(450
)
(1.23
)
Total
$
-
$
9
$
20
$
572
$
601
$
554
$
1.51
(1)For the three months ended March 31, 2020 the effects of
potentially dilutive stock options, performance share units, and
restricted stock units of approximately 5.9 million shares, were
excluded from the computation of diluted loss per share as they
were anti-dilutive due to the net loss incurred during the period.
(Unaudited; $ in millions, except per share data) Operating
Expenses SalesReturns Cost ofSales RestructuringCharges
OtherCharges/Adjustments Total After Tax DilutedEarnings PerShare
Three Months Ended March 31, 2019 Leading Beauty Forward
$
2
$
4
$
12
$
17
$
35
$
27
$
.07
Contingent consideration
(9
)
(9
)
(7
)
(.02
)
Goodwill and other intangible
asset impairments
52
52
52
.14
Other income, net
(71
)
(71
)
(57
)
(.15
)
Total
$
2
$
4
$
12
$
(11
)
$
7
$
15
$
.04
Nine Months Ended March 31, 2019 Leading Beauty
Forward
$
2
$
16
$
31
$
68
$
117
$
95
$
.26
Contingent consideration
(18
)
(18
)
(15
)
(.04
)
Goodwill and other intangible
asset impairments
90
90
86
.23
Other income, net
(71
)
(71
)
(57
)
(.15
)
Transition Tax resulting from the TCJA
(12
)
(.03
)
Remeasurement of U.S. net deferred
tax assets as of the TCJA enactment
date
8
.02
Net deferred tax liability related to
foreign withholding taxes on certain
foreign earnings resulting from the
TCJA
9
.02
Total
$
2
$
16
$
31
$
69
$
118
$
114
$
.31
Results by Product
Category
Nine Months Ended March 31
Net Sales
Percent Change
Operating Income (Loss)
Percent Change
(Unaudited; $ in millions)
2020
2019
Reported Basis
Constant Currency
2020
2019
Reported Basis
Skin Care
$
5,770
$
4,962
16
%
17
%
$
1,822
$
1,624
12
%
Makeup
4,249
4,427
(4)
(3)
(790)
398
(100+)
Fragrance
1,392
1,401
(1)
-
163
156
4
Hair Care
417
433
(4)
(3)
10
27
(63)
Other
36
52
(31)
(31)
7
9
(22)
Subtotal
11,864
11,275
5
6
1,212
2,214
(45)
Returns/charges associated
with restructuring and other
activities
-
(2)
(63)
(117)
Total
$
11,864
$
11,273
5
%
6
%
$
1,149
$
2,097
(45)
%
Results by Geographic
Region
Nine Months Ended March 31
Net Sales
Percent Change
Operating Income (Loss)
Percent Change
(Unaudited; $ in millions)
2020
2019
Reported Basis
Constant Currency
2020
2019
Reported Basis
The Americas
$
3,278
$
3,609
(9)
%
(9)
%
$
(571)
$
583
(100+) % Europe, the Middle East & Africa
5,281
4,825
9
11
1,084
940
15
Asia/Pacific
3,305
2,841
16
18
699
691
1
Subtotal
11,864
11,275
5
6
1,212
2,214
(45)
Returns/charges associated
with restructuring and other
activities
-
(2)
(63)
(117)
Total
$
11,864
$
11,273
5
%
6
%
$
1,149
$
2,097
(45)
%
This earnings release includes some non-GAAP financial measures
relating to charges associated with restructuring and other
activities, goodwill and other intangible asset impairments;
long-lived asset impairments relating to COVID-19; the changes in
the fair value of contingent consideration; other income, net; the
Transition Tax; the remeasurement of U.S. net deferred tax assets
as of the TCJA enactment date; and the establishment of a net
deferred tax liability related to foreign withholding taxes on
certain foreign earnings resulting from the TCJA. The following is
a reconciliation between the non-GAAP financial measures and the
most directly comparable GAAP measures for certain consolidated
statements of earnings accounts before and after these items. The
Company uses certain non-GAAP financial measures, among other
financial measures, to evaluate its operating performance, which
represent the way the Company conducts and views its business.
Management believes that excluding certain items that are not
comparable from period to period, or do not reflect the Company’s
underlying ongoing business, provides transparency for such items
and helps investors and others compare and analyze operating
performance from period to period. In the future, the Company
expects to incur charges or adjustments similar in nature to those
presented below; however, the impact to the Company’s results in a
given period may be highly variable and difficult to predict. Our
non-GAAP financial measures may not be comparable to similarly
titled measures used by, or determined in a manner consistent with,
other companies. While the Company considers the non-GAAP measures
useful in analyzing its results, they are not intended to replace,
or act as a substitute for, any presentation included in the
consolidated financial statements prepared in conformity with
GAAP.
The Company operates on a global basis, with the majority of its
net sales generated outside the United States. Accordingly,
fluctuations in foreign currency exchange rates can affect the
Company’s results of operations. Therefore, the Company presents
certain net sales, operating results and diluted earnings per share
information excluding the effect of foreign currency rate
fluctuations to provide a framework for assessing the performance
of its underlying business outside the United States. Constant
currency information compares results between periods as if
exchange rates had remained constant period-over-period. The
Company calculates constant currency information by translating
current-period results using prior-year period weighted average
foreign currency exchange rates and adjusting for the
period-over-period impact of foreign currency cash flow hedging
activities.
Reconciliation of Certain Consolidated Statements of Earnings
(Loss) Accounts Before and After Returns, Charges and Other
Adjustments Three Months Ended March 31, 2020
Three Months EndedMarch 31, 2019 (Unaudited; $ in millions,
except per share data and percentages) As Reported
Returns/Charges/Adjust-ments Non-GAAP Impact
offoreigncurrencytranslation Non-GAAP,ConstantCurrency As Reported
Returns/Charges/Adjust-ments Non-GAAP % ChangeNon-GAAP %
ChangeNon-GAAP,ConstantCurrency Net Sales
$
3,345
$
-
$
3,345
$
44
$
3,389
$
3,744
$
2
$
3,746
(11
)
%
(10
)
%
Cost of sales
836
(1
)
835
11
846
819
(4
)
815
Gross Profit
2,509
1
2,510
33
2,543
2,925
6
2,931
(14
)
%
(13
)
%
Gross Margin
75.0
%
75.0
%
75.0
%
78.1
%
78.2
%
Operating expenses
2,400
(368
)
2,032
26
2,058
2,251
(72
)
2,179
(7
)
%
(6
)
%
Operating Expense Margin
71.7
%
60.7
%
60.7
%
60.1
%
58.2
%
Operating Income
109
369
478
7
485
674
78
752
(36
)
%
(36
)
%
Operating Income Margin
3.3
%
14.3
%
14.3
%
18.0
%
20.1
%
Other income, net
-
-
-
-
-
71
(71
)
-
-
-
Provision for income taxes
84
53
137
3
140
170
(8
)
162
(15
)
%
(14
)
%
Net Earnings (Loss) Attributable to
The Estée
Lauder Companies Inc.
$
(6
)
$
316
$
310
$
4
$
314
$
555
$
15
$
570
(46
)
%
(45
)
%
Diluted net earnings (loss)
attributable to The Estée
Lauder Companies Inc.
per common share(1)
$
(.02
)
$
.87
$
.85
$
.01
$
.86
$
1.51
$
.04
$
1.55
(45
)
%
(45
)
%
(1)For the three months ended March 31, 2020 the effects of
potentially dilutive stock options, performance share units, and
restricted stock units of approximately 5.9 million shares, were
excluded from the computation of As Reported and
Returns/Charges/Adjustments diluted loss per share as they were
anti-dilutive due to the net loss incurred during the period. These
shares were added to the weighted-average common shares outstanding
to calculate Non-GAAP diluted earnings per common share.
Reconciliation of Certain Consolidated Statements of Earnings
Accounts Before and After Returns, Charges and Other
Adjustments Nine Months Ended March 31, 2020
Nine Months EndedMarch 31, 2019 (Unaudited; $ in millions,
except per share data and percentages) As Reported
Returns/Charges/Adjust-ments Non-GAAP Impact
offoreigncurrencytranslation Non-GAAP,ConstantCurrency As Reported
Returns/Charges/Adjust-ments Non-GAAP % ChangeNon-GAAP %
ChangeNon-GAAP,ConstantCurrency Net Sales
$
11,864
$
-
$
11,864
$
106
$
11,970
$
11,273
$
2
$
11,275
5
%
6
%
Cost of sales
2,785
(9
)
2,776
26
2,802
2,552
(16
)
2,536
Gross Profit
9,079
9
9,088
80
9,168
8,721
18
8,739
4
%
5
%
Gross Margin
76.5
%
76.6
%
76.6
%
77.4
%
77.5
%
Operating expenses
7,930
(1,168)
6,762
65
6,827
6,624
(171
)
6,453
5
%
6
%
Operating Expense Margin
66.8
%
57.0
%
57.0
%
58.8
%
57.2
%
Operating Income
1,149
1,177
2,326
15
2,341
2,097
189
2,286
2
%
2
%
Operating Income Margin
9.7
%
19.6
%
19.6
%
18.6
%
20.3
%
Other income, net
576
(576
)
-
-
-
71
(71
)
-
-
-
Provision for income taxes
496
47
543
5
548
472
4
476
14
%
15
%
Net Earnings Attributable to The
Estée Lauder Companies Inc.
$
1,146
$
554
$
1,700
$
10
$
1,710
$
1,628
$
114
$
1,742
(2
)
%
(2
)
%
Diluted net earnings attributable
to The Estée
Lauder Companies Inc.
per common share
$
3.12
$
1.51
$
4.63
$
.03
$
4.66
$
4.39
$
.31
$
4.70
(1
)
%
(1
)
%
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; $
in millions)
March 312020 June 302019 March
312019 ASSETS Current Assets Cash and cash
equivalents
$
4,876
$
2,987
$
2,902
Accounts receivable, net
1,846
1,831
2,036
Inventory and promotional merchandise
2,087
2,006
1,814
Prepaid expenses and other current assets
424
388
408
Total Current Assets
9,233
7,212
7,160
Property, Plant and Equipment, net
2,092
2,068
1,891
Operating lease right-of-use assets (A)
2,446
-
-
Other Assets
4,592
3,876
3,880
Total Assets
$
18,363
$
13,156
$
12,931
LIABILITIES AND EQUITY Current Liabilities
Current debt
$
1,527
$
516
$
516
Accounts payable
1,162
1,490
1,068
Operating lease liabilities (A)
371
-
-
Other accrued liabilities
2,621
2,599
2,647
Total Current Liabilities
5,681
4,605
4,231
Noncurrent Liabilities Long-term debt
4,674
2,896
2,883
Long-term operating lease liabilities (A)
2,288
-
-
Other noncurrent liabilities
1,362
1,244
1,200
Total Noncurrent Liabilities
8,324
4,140
4,083
Total Equity
4,358
4,411
4,617
Total Liabilities and Equity
$
18,363
$
13,156
$
12,931
(A) During the first quarter of fiscal 2020, the Company adopted
Accounting Standards Codification (“ASC”) Topic 842 – Leases (“ASC
842”) using the modified retrospective transition approach
permitted under the new standard for leases that existed at July 1,
2019, and, accordingly, the prior comparative periods were not
restated. The adoption of this standard impacted the Company’s
consolidated balance sheet due to the recognition of right-of-use
assets and associated lease liabilities related to operating leases
as compared to the previous accounting. The accounting for finance
leases under ASC 842 is consistent with the prior accounting for
capital leases. The impact of the adoption of this standard on the
Company’s consolidated statements of earnings and consolidated
statement of cash flows was not material.
SELECT CASH FLOW DATA Nine Months Ended
March 31 (Unaudited; $ in millions)
2020
2019
Cash Flows from Operating Activities Net earnings
$
1,155
$
1,636
Depreciation and amortization
447
404
Deferred income taxes
(65)
(46)
Other items
793
221
Changes in operating assets and liabilities: Increase in
accounts receivable, net
(48)
(377)
Increase in inventory and promotional merchandise
(41)
(184)
Increase in other assets, net
(63)
(73)
Increase (decrease) in accounts payable and other liabilities
(233)
175
Net cash flows provided by operating activities
$
1,945
$
1,756
Other Investing and Financing Sources/(Uses): Capital
expenditures
$
(468)
$
(441)
Payments for acquired businesses, net of cash acquired
(1,047)
-
Proceeds (purchases) of investments, net
(5)
1,215
Payments to acquire treasury stock
(883)
(1,344)
Dividends paid
(502)
(453)
Proceeds (repayments) of current debt, net
1,514
(167)
Proceeds (repayments) of long-term debt, net
1,272
(1)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200501005136/en/
Investors: Rainey Mancini (212) 284-3049
Media: Jill Marvin (212) 572-4438
Estee Lauder Companies (NYSE:EL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Estee Lauder Companies (NYSE:EL)
Historical Stock Chart
From Apr 2023 to Apr 2024