Investing.com – Estee Lauder stock (NYSE:EL) was up more than 1% in Thursday’s premarket trading as the company’s outlook of 13%-16% growth in sales in 2022 conveyed more people returning to work and taking care of their looks and well-being.
The forecast is ahead of the company’s long-term goal of 6% to 8% growth in sales.
The company’s confidence is rooted in the 62% sales growth registered in the fourth quarter. That was 10% higher than the 2019 level. Sales grew in every region and in most product categories, the company said.
At 47% growth, sales in skin care segment grew the least among the major categories during the quarter. Sales of fragrance more than doubled while makeup rose 76% as consumers bought more La Mer cleansers and eye creams. Advanced recovery in the key Chinese market also helped.
Digital sales of hair care products under Aveda as the brand expanded its online offering.
Profit per share of 78 cents easily surpassed the analysts’ estimate of 50 cents.