The Estée Lauder Companies Inc. reported net sales of $4.39 billion for its first quarter ended September 30, 2021, an increase of 23% from $3.56 billion in the prior-year period.
 
Net sales grew in every region and product category, reflecting the recovery in brick-and-mortar retail stores, primarily in western markets, despite the continuing impact of the Covid-19 pandemic.
 
Fabrizio Freda, president and CEO said, “We delivered excellent performance to begin fiscal 2022, despite the increased volatility and variability globally during the quarter, by virtue of our dynamic multiple engines of growth strategy.”
 
He continued, “Our growth engines increasingly diversified, as we expected. Makeup, developed markets in the West, and brick-and-mortar reignited and complemented momentum in Skin Care, Fragrance, mainland China, Travel Retail in Asia/Pacific, and global Online. Impressively, relative to the pre-pandemic first quarter of fiscal 2020, the overall business is much bigger and more profitable.”
 
Thirteen brands contributed double-digit organic sales growth versus the prior-year period. According to the company, Estée Lauder and M·A·C drove Makeup’s emerging renaissance, while La Mer and Clinique delivered stand-out results in Skin Care. Fragrance soared double-digits in every region, driven by Tom Ford Beauty and Jo Malone London. ELC’s hero products performed exceptionally well and its innovation captured consumer desires.
 
For fiscal 2022, the company continues to expect strong net sales and adjusted earnings per share growth with margin expansion. Its confidence in the long-term growth opportunities for global prestige beauty and the company is reflected in the recent announcement to raise the quarterly dividend.