The Estee Lauder Companies has reported a jump in sales in the latest quarter, the WSJ -- and other reports say -- and now La Mer is a billion-dollar brand.
On Monday, ELC reported a fiscal fourth-quarter profit of $186 million -- a profit of 49 cents per share. The results surpassed Wall Street expectations.
The company posted a 16 percent rise in sales to $13.7 billion for the year. In the fourth quarter, ELC posted a 14 percent net sales gain to $3.9 billion, WWD states.
For the current quarter ending in October, the company expects its per-share earnings to range from $1.18 to $1.22.
Growth is Due To Skincare -- And La Mer is Now a Billion Dollar Brand
Skincare is the segment that grew the most, for ELC, specifically, high-end skincare, including its La Mer brand. Sales at travel stores at airports is also increasing.
ELC's skincare segment posted a 24 percent year-over-year growth to nearly $5.6 billion, according to WWD. La Mer showed growth, and is now a billion dollar brand -- along with Clinique and Estée Lauder, which recently reached $1 billion in U.S. retail sales alone.
Makeup sales were also up 11 percent to $5.6 billion for the year. The credit in this category goes to Estée Lauder, Tom Ford, Becca and La Mer, and Too Faced Cosmetics. Too Faced sales are up 22% for the fourth quarter.