Estee Lauder Feels The Economic Pinch
The Estee Lauder Companies yesterday posted diluted earnings per share (EPS) of USD0.14 for its fiscal third quarter ended March 31, 2009 (down 69.8% YOY). The company cited the current economic environment which continues to depress consumer spending – and as a result, Estee Lauder’s bottom line. Unfortunately for Estee Lauder, in an economic environment like the current one, its high-end cosmetics are exactly the type of product that consumers are now likely to substitute with cheaper versions, or forego altogether.