Executive Summary

• Estée Lauder reported 4Q19 revenues of $3.6 billion, up 9% year over year compared to $3.3 billion in the prior-year period. Adjusted, non-GAAP earnings per share (EPS) were $0.68, compared to $0.61 in the year ago quarter, up 12% and beating estimates by $0.10.
• The Asia Pacific region continued to show strong growth, while the skin care category was outstanding across brands, markets, and channels. Travel retail and online continue to grow strong double-digits, and the company is prioritizing investment in the fastest-growing channels such as these.
• The company forecast net sales to increase between 9% and 10% in 1Q20. Reported diluted net earnings per common share are projected to be between $1.48 and $1.52.