Estee Lauder Companies Inc. (NYSE: EL) announced financial results for the fourth quarter of 2023, reporting modest revenue growth and lower adjusted earnings.
First-quarter net sales edged up 1% annually to $3.61 billion. A decline in the core Skin Care segment was more than offset by growth in the other areas of the business.
Adjusted earnings, excluding one-off items, declined sharply to $0.07 per share in Q4 from $0.42 per share in the fourth quarter of 2022. On an unadjusted basis, the company reported a net loss of $33 million or $0.09 per share, compared to a profit of $52 million or $0.14 per share last year.
Fabrizio Freda, the company’s CEO, said, “We returned to organic sales growth in the fourth quarter, delivering our outlook. Momentum continued in the markets of EMEA and Latin America, and accelerated strongly in Asia/Pacific led by mainland China and Hong Kong SAR.”