The Estée Lauder Companies’ strong and sustainable growth has helped drive the momentum in global prestige beauty — a dynamic, vibrant industry benefiting from favorable demographic trends.
Our success comes from our balanced and diversified business, powered by multiple engines of growth, coupled with agile resource allocation and excellent execution. We are the only major company focused solely on prestige beauty, with an unparalleled portfolio of more than 25 differentiated, aspirational brands suited to consumers in every region. Our strong financial position and cash flow from operations support our growth and acquisition strategy, which creates greater shareholder value.
As a global leader in prestige beauty, our goal is to outpace the industry’s sales growth by at least one percentage point annually — a goal we have consistently met or exceeded since we launched our strategy in fiscal 2009. With our winning strategy, exceptional talent and commitment to creativity and innovation across product categories and brands, we expect to build on our strong position.
Our 10-year compass identifies emerging trends in prestige beauty and helps us position our brands in the fastest-growing geographies, channels and product categories. We react quickly as macro conditions and consumer desires change, and reallocate resources to areas of strength to capitalize on the best opportunities around the world.
Our financial discipline, cost savings programs, productivity improvements and emphasis on efficiency provide resources to pursue high-growth areas, build capabilities and help drive strong earnings. In fiscal 2016, we launched Leading Beauty Forward, a multi-year initiative to reduce costs, improve leverage, increase our speed and flexibility and free up resources to invest in the areas that will help fuel our growth, including innovation, retail, digital, social media and new consumer facing activities.
We believe we can advance our strategic initiatives, leverage our sales growth and continue our terrific progress. We expect to generate strong sales gains and constant currency double-digit increases in earnings per share.