Estee Lauder Inc announced its quarterly sales figures late last week, beating analysts’ estimates. For the fourth quarter ending June 30, the cosmetics company generated net sales of $3.94 billion, a significant increase from its $2.43 billion in net sales the previous year.
With coronavirus restrictions gradually being eased, more consumers are venturing out, thereby leading to a worldwide rise in demand for makeup. This is a particularly common occurrence across the United States, where Americans are gradually making their way back to restaurants, offices, and sporting events amid mass vaccination campaigns.
Makeup sales surged by 76% for the period ended June 30, to a sum of $960 million. This is the first time that quarterly makeup sales have risen in over a year.
The main drivers of the company’s skyrocketing makeup sales are an increased demand in China, high online sales activity, and expansion into skincare products. These factors largely enabled Estee Lauder to rebound from decreased makeup sales as Americans were restricted to remote working conditions.
