Estee Lauder Companies, Inc. (NYSE:EL) Q1 2024 Earnings Conference Call November 1, 2023 9:30 AM ET

Company Participants

Laraine Mancini - SVP, IR

Fabrizio Freda - President, CEO & Director

Tracey Travis - EVP & CFO

Conference Call Participants

Dara Mohsenian - Morgan Stanley

Stephen Powers - Deutsche Bank

Jason English - Goldman Sachs Group

Bryan Spillane - Bank of America Merrill Lynch

Olivia Tong - Raymond James & Associates

Filippo Falorni - Citigroup

Operator

Good day, everyone, and welcome to The Estée Lauder Company's Fiscal 2024 First Quarter Conference Call. Today's call is being recorded and webcast.

For opening remarks and introductions, I'd like to turn the floor over to Senior Vice President of Investor Relations, Ms. Rainey Mancini. Ma'am, you may begin.

Laraine Mancini

Hello. On today's call are Fabrizio Freda, President and Chief Executive Officer; and Tracey Travis, Executive Vice President and Chief Financial Officer.

Since many of our remarks today contain forward-looking statements, let me refer you to our press release and our reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these forward-looking statements. To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges and adjustments disclosed in our press release. Unless otherwise stated, all organic net sales growth also excludes the noncomparable impacts of acquisitions, divestitures, brand closures and the impact of foreign currency translation. You can find reconciliations between GAAP and non-GAAP measures in our press release and on the Investors section of our website.

As a reminder, references to online sales include sales that we make directly to our consumers through our brand.com sites and through third-party platforms. It also includes estimated sales of our products through our retailers' websites. [Operator Instructions].

And now I'll turn the call over to Fabrizio.

Fabrizio Freda

Thank you, Rainey, and hello to everyone. We appreciate you joining us to discuss our first quarter results, revised outlook for fiscal year 2024 and accelerated profit recovery plan to benefit fiscal year 2025 and 2026.

Before we begin, I want to start by expressing the tremendous grief and sadness we have for the victims and their families of the horrific terrorist attacks against Israel, the tragic loss of Palestinian lives and the growing humanitarian crisis in Gaza. Our hearts break for the profound suffering across the Middle East during this terrible time. We are committed to continuing to support the safety and well-being of all our employees in the affected areas and around the world.