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Spectacular turn of events in Wall Street: On Monday, November 2, the American cosmetics group Estée Lauder unveiled better results than expected for the first quarter of the fiscal year 2020-2021, which ended on September 30. This happy surprise caused a 4% increase in the value of the title on the financial markets.
The year 2020 was not shaping up well for the Estée Lauder group. Facing the global health crisis, the company announced in August an austerity policy, resulting in the loss of 1,500 to 2,000 jobs. For the year as a whole, the group’s profit fell by 12.1% and turnover by 8.5%. The Covid-19 pandemic has affected some sectors of the group more than others, with sales of makeup products falling by 32.2%, while sales of perfumes went down 12.2% due to the confinement.
Despite these warning signs, the Estée Lauder firm managed to generate net income of $ 523 millions in the first quarter of the fiscal year 2020-2021. The profit made is thus far better than the number anticipated by financial analysts. While expected to average $ 0.90, adjusted earnings per share stood at $ 1.44 according to a group statement. This recent increase has resulted in an augmentation of the total turnover, rising to $ 3.56 billions instead of the expected 3.45 billions.
This increase in profit and turnover achieved by the Estée Lauder Group can be explained by the revenue from sales of skin care products. Representing over 57% of the turnover, these sales jumped by 10.5%. Thanks to the maintenance of figures in this sector of the group, the value of Estée Lauder shares rose by 4% on the stock market. Investors were indeed reassured to see that the closure of the firm’s physical stores had been offset by online sales.
Continuing its efforts, the company has strengthened its online presence and transmitted encouraging conclusions for the end of this year 2020: “at the end of the quarter, all of the company’s production and distribution sites were operating at higher levels than sufficient. The group’s goal is to prevent a stock-out and to anticipate possible disruptions linked to another potential resurgence of the epidemic. To do this, Estée Lauder is committed to save money: elimination of business travels and promotional expenses, cessation of the use of consultants, reduction of the salaries of certain managers, implementation of technical unemployment for employees, etc. All these initiatives reflect the group’s desire to maintain the momentum recently instilled by the publication of promising results for the year 2021.
Featured photo: © Estée Lauder[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Spectacular turn of events in Wall Street: On Monday, November 2, the American cosmetics group Estée Lauder unveiled better results than expected for the first quarter of the fiscal year 2020-2021, which ended on September 30. This happy surprise caused a 4% increase in the value of the title on the financial markets.
The year 2020 was not shaping up well for the Estée Lauder group. Facing the global health crisis, the company announced in August an austerity policy, resulting in the loss of 1,500 to 2,000 jobs. For the year as a whole, the group’s profit fell by 12.1% and turnover by 8.5%. The Covid-19 pandemic has affected some sectors of the group more than others, with sales of makeup products falling by 32.2%, while sales of perfumes went down 12.2% due to the confinement.
Despite these warning signs, the Estée Lauder firm managed to generate net income of $ 523 millions in the first quarter of the fiscal year 2020-2021. The profit made is thus far better than the number anticipated by financial analysts. While expected to average $ 0.90, adjusted earnings per share stood at $ 1.44 according to a group statement. This recent increase has resulted in an augmentation of the total turnover, rising to $ 3.56 billions instead of the expected 3.45 billions.
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Spectacular turn of events in Wall Street: On Monday, November 2, the American cosmetics group Estée Lauder unveiled better results than expected for the first quarter of the fiscal year 2020-2021, which ended on September 30. This happy surprise caused a 4% increase in the value of the title on the financial markets.
The year 2020 was not shaping up well for the Estée Lauder group. Facing the global health crisis, the company announced in August an austerity policy, resulting in the loss of 1,500 to 2,000 jobs. For the year as a whole, the group’s profit fell by 12.1% and turnover by 8.5%. The Covid-19 pandemic has affected some sectors of the group more than others, with sales of makeup products falling by 32.2%, while sales of perfumes went down 12.2% due to the confinement.
Despite these warning signs, the Estée Lauder firm managed to generate net income of $ 523 millions in the first quarter of the fiscal year 2020-2021. The profit made is thus far better than the number anticipated by financial analysts. While expected to average $ 0.90, adjusted earnings per share stood at $ 1.44 according to a group statement. This recent increase has resulted in an augmentation of the total turnover, rising to $ 3.56 billions instead of the expected 3.45 billions.
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