NEW YORK — Estée Lauder reported a solid financial performance for its first quarter ended Sept. 30, 2012. The company reported net sales of $2.55 billion for the quarter, a 3% increase compared with $2.48 billion reported in the prior-year quarter.
Excluding $0.4 million charges associated with restructuring activities in the first quarters of fiscal 2013 and 2012, net earnings rose 11% to $312.1 million. Diluted net earnings per common share rose 12% to $.79 versus a comparable $.70 in the prior-year period.
Estée Lauder president and CEO Fabrizio Freda said he was “pleased and encouraged” with the first-quarter results “even in softer markets.” Freda said the company is “confident that we have developed the necessary agility to manage our business effectively. We expect that we will grow our sales 6% to 7% in local currency this fiscal year, or double the rate of global prestige beauty, while raising the lower end of our earnings per share range.”
The company's performance was due to solid overall business, particularly from its largest brands. The company generated local currency sales gains in each of its product categories and geographic regions. Sales growth was particularly strong in the United States and overall in emerging markets, along with solid gains in certain developed countries.