The Estee Lauder Companies (NYSE:EL) shares are trading lower after the company reported worse-than-expected sales results.
Estee Lauder Cos reported quarterly earnings of $1.62 per share, which beat the analyst consensus estimate of $1.31. The company reported quarterly sales of $3.86 billion, which missed the analyst consensus estimate of $3.93 billion.
"We exceeded our sales and earnings expectations, even as several markets experienced increasing pressure from COVID-19 throughout the quarter. Our growth engines of Skin Care and Fragrance were incredibly powerful," said Fabrizio Freda, President and Chief Executive Officer.
Estee Lauder is the world leader in the global prestige beauty market, participating across skincare (52% of 2020 sales), makeup (33%), fragrance (11%), and haircare (4%) categories, with popular brands such as Estee Lauder, Clinique, MAC, La Mer, Jo Malone, Aveda, Bobbi Brown, Too Faced, and Origins.
The stock was trading 6.3% lower at $294.03 at the time of writing. The stock has a 52-week high of $318.34 and a 52-week low of $158.25.
