The Estée Lauder Companies Inc. provided earnings guidance for the year 2023. For the year, the company expects reported net sales are forecasted to increase between 3% and 5% versus the prior-year period. This range includes: The negative impact of 1% from the termination of the Company's license agreements for the Donna Karan New York, DKNY, Michael Kors, Tommy Hilfiger and Ermenegildo Zegna product lines effective June 30, 2022. A negative impact of 1% related to Russia and Ukraine. A negative 3% due to foreign currency translation, as well as an additional 1% due to certain impacts of foreign currency transactions in key international travel retail markets. Organic net sales, which excludes returns associated with restructuring and other activities; non-comparable impacts from acquisitions, divestitures and brand closures; as well as the impact of currency translation, are forecasted to increase between 7% and 9%. This includes the negative impacts related to Russia and Ukraine, as well as foreign currency transactions, noted above. Reported diluted net earnings per common share are projected to be between $7.11 and $7.33. Excluding restructuring and other charges, diluted net earnings per common share are projected to be between $7.39 and $7.54.

For the first quarter of 2023, the company reported net sales are forecasted to decrease between 10% and 8% versus the prior-year period. This range includes the negative impacts from the termination of the Company's license agreements for the Donna Karan New York, DKNY, Michael Kors, Tommy Hilfiger and Ermenegildo Zegna product lines effective June 30, 2022, the negative impact related to Russia and Ukraine, and the negative impact from foreign currency translation, as well as certain impacts of foreign currency transactions in key international travel retail markets. Organic net sales, which excludes returns associated with restructuring and other activities; non-comparable impacts from acquisitions, divestitures and brand closures; as well as the impact of currency translation, are forecasted to decrease between 6% and 4%. This includes the negative impacts related to Russia and Ukraine, as well as foreign currency transactions, noted above. Reported diluted net earnings per common share are projected to be between $1.16 and $1.28. Excluding restructuring and other charges, diluted net earnings per common share are projected to be between $1.22 and $1.32.