The Estee Lauder Companies Inc. (NYSE: EL) reported net sales of $4.6 billion for the second quarter of 2023, down 17% from the same period a year ago.
Net earnings attributable to The Estee Lauder Companies Inc. decreased 64% year-over-year to $394 million, or $1.09 per share. Adjusted EPS was down 49% to $1.54.
For the third quarter of 2023, the company expects net sales to decrease 12-14% on a reported basis and 8-10% on an organic basis. GAAP EPS is estimated to be $0.32-0.43 while adjusted EPS is expected to be $0.37-0.47.