Estee Lauder Group reports 37 percent increase in first quarter 2013, thanks to its luxury division
Despite the steep decline in its turnover growth (+2% compared to the same period last year, totalling US$ 2,29 billion, U.S. giant beauty group Estee Lauder has surprised with an impressive 37% its net profits for the first quarter of 2013, to US$ 178,8 million, way above expectations.
Fabrizio FredaFabrizio Freda, The Estée Lauder Companies Inc. said in a conference call that the third quarter of fiscal 2013, consumer demand for our Prestige brands and [innovative] products remain solid around the world, having gained market share in China, Spain and Italy. The key forces driving our sales were emerging markets, e-commerce, travel retail, and certain of our luxury brands.
In Latin America, Venezuela and Brazil led Estee Lauder Group reported double-digit growth.In the US, the company and the Prestige Beauty industry continued to outperform mass in the recent quarter. In terms of products portfolio, healthy growth has been registered for Prestige Beauty and a number of our brands gained share led by MAC and La Mer.
Estee Lauder Group sales grew in Europe, the Middle East and Africa even though consumer spending remained sluggish across Southern Europe.