Estee Lauder Forecasts FY23 Growth

By Connor Hart

Estee Lauder Cos. on Thursday gave its outlook for its 2023 fiscal year, which the company said factors in the continuing risks related to the Covid-19 pandemic and a volatile macroeconomic environment.

The company said it expects net sales to increase between 3% and 5% from the previous year, which accounts for negative effects from unfavorable foreign-currency translation and the company's suspension of Russian and Ukrainian operations.

Organic net sales, which strip out currency swings as well as acquisitions or divestitures, are forecast to increase between 7% and 9%, it said.

The company forecast per-share earnings to be between $7.11 and $7.33 for the year. Excluding restructuring and other charges, the company expects per-share earnings to be between $7.39 and $7.54.

The company's fiscal 2023 outlook comes as it reported profit and revenue fell in the fourth quarter of fiscal 2022. Unfavorable international conditions cut into the company's top and bottom lines, but were partially offset by growth in the Americas, the company said.

Shares of the company fell 1% in premarket trading Thursday.

Write to Connor Hart at [e-mail]

(END) Dow Jones Newswires

August 18, 2022 07:43 ET (11:43 GMT)

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