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The economic boom of the American cosmetics group Estée Lauder

The economic boom of the American cosmetics group Estée Lauder

Estée Lauder
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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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Featured photo: © Estée Lauder

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