saw sales increase for the first time since the coronavirus pandemic upended global economies nearly a year ago, snapping a string of three straight quarterly declines on the top line.
Shares of the New York-based cosmetics company had their biggest day of trading since March after revenues grew 5% in the holiday quarter, beating both management's and Wall Street's expectations. Estee Lauder reported $4.85 billion of sales in its fiscal second quarter and earnings per share of $2.61, above analyst estimates of $4.49 billion on the top line and $1.69 EPS. The beauty brand had issued guidance for about $4.48 billion of revenue on the high end.
In an interview Friday on CNBC, CEO Fabrizio Freda said skin care sales, e-commerce and Asian markets were key drivers.." "During the pandemic when most of us are working from home, closed in our homes, we have time to pamper, we need more skin care benefits ... This is working around the world, particularly in Asia."
Estee Lauder's business in the Asia/Pacific region more than made up for the lost sales around the rest of the globe. Though year-over-year sales plummeted 14.5% in the Americas and 2.4% in Europe, the Middle East and Africa, the company grew 34.6% in the Asia market. Sales rebounded in the region after initially dipping in the January-March quarter of 2020, the first period affected by the coronavirus pandemic.
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