Earnings In Brief
This article was originally published in The Rose Sheet
Executive Summary
Estee Lauder: Net sales of $2.31 bil. for the second quarter of fiscal 2008 represent a 16% increase over the prior year, according to Feb. 1 release. Performance was fueled by "across-the-board gains in our geographic regions and product categories," President and CEO William P. Lauder says. Skin Care benefited from double-digit gains from La Mer as well as worldwide sales of Idealist Pore Minimizing Skin Refinisher by Estee Lauder and Acne Solutions Clear Skin System from Clinique, booking $831.2 mil. in net sales. Firm's makeup artist brands such as MAC and Bobbi Brown contributed 65% of incremental sales based on market expansion and solid product performances, company says; category did net sales of $827.3 mil. Fragrance sales of $520.5 mil. were driven by good results in Europe as well as recent launches Sean John Unforgivable Woman, Estee Lauder Pleasures Delight, Dreaming by Tommy Hilfiger and Tom Ford for Men. Hair care sales were $110.4 mil., with notable contributions from Aveda and Bumble and bumble. Asia Pacific was firm's top-performing region, with sales growth of 21.7% on a reported basis and sales of $347.4 mil. The U.S. retail slowdown in department stores was offset by other channels, including freestanding stores, hair salons and Internet sales, CEO Lauder noted during earnings call...