SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549-1004
                             ______________________

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

               Date of Report (Date of earliest event reported) :
                                October 29, 2002


                         The Estee Lauder Companies Inc.
             (Exact name of registrant as specified in its charter)


         Delaware                                         11-2408943
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

767 Fifth Avenue, New York, New York                        10153
(Address of principal executive offices)                  (Zip Code)


                         Commission File Number: 1-14064

                                  212-572-4200
              (Registrant's telephone number, including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)

ITEM 5.  OTHER EVENTS.

On October 29, 2002, The Estee Lauder Companies Inc. issued a press release
reporting net sales for the fiscal first quarter ended September 30, 2002 of
$1.24 billion, a 4% increase from $1.19 billion in the prior-year period.
Excluding the impact of foreign currency translation, net sales increased 2%. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                                            THE ESTEE LAUDER COMPANIES INC.

Date:  October 29, 2002                     By:    /s/Richard W. Kunes
                                               ----------------------------
                                                     Richard W. Kunes
                                                   Senior Vice President
                                                and Chief Financial Officer
                                                 (Principal Financial and
                                                   Accounting Officer)
<PAGE>

                         THE ESTEE LAUDER COMPANIES INC.

                                  EXHIBIT INDEX



Exhibit No.      Description
-----------      -----------

     99.1       Press release dated October 29, 2002 of the Estee Lauder
                Companies Inc.

<PAGE>
The                                                                         News
Estee                                                                   Contact:
Lauder                                                       Investor Relations:
Companies Inc.                                                   Dennis D'Andrea
                                                                  (212) 572-4384

767 Fifth Avenue                                                Media Relations:
New York, NY  10153                                                 Sally Susman
                                                                  (212) 572-4430

--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE:

              ESTEE LAUDER COMPANIES REPORTS FIRST QUARTER RESULTS;

             SALES GROWTH OF 4% DELIVERS EARNINGS PER SHARE OF $.28


New York, NY, October 29, 2002 - The Estee Lauder Companies Inc.(NYSE:EL)today
reported net sales for the fiscal first quarter ended September 30, 2002 of
$1.24 billion, a 4% increase from $1.19 billion in the prior-year period.
Excluding the impact of foreign currency translation, net sales increased 2%.

The Company achieved net earnings of $73.4 million for the quarter compared with
$97.1 million in the same period last year. Diluted earnings per common share
for the quarter ended September 30, 2002 were $.28 compared with $.38 reported
in the prior-year quarter. The prior year net earnings and diluted earnings per
share are before the cumulative effect of a change in accounting principle,
related to the adoption of Statement of Financial Accounting Standards Number
142, "Goodwill and Other Intangible Assets."

Fred H. Langhammer, President and Chief Executive  Officer, said, "I'm pleased
with our first quarter results, which were in line with our guidance and
reflected the calendarization and previously announced expenses associated with
of our new product launch programs and marketing, advertising and other brand-
building promotions. Based upon our performance in the quarter and our outlook
for the current period, we feel confident in our ability to deliver sales and
earnings growth in each remaining quarter of our fiscal year, resulting in full
year expected sales growth between 5% and 6% in constant currency and diluted
earnings per share between $1.28 and $1.33."

Results by Product Category
---------------------------

Net sales of skin care products for the quarter rose 4% before foreign currency
translation and reported sales increased 6% to $421.7 million. The higher sales
reflect the worldwide launches of Advanced Stop Signs by Clinique and Resilience
Lift OverNight Face and Throat Creme from Estee Lauder, as well as the domestic
introduction of Make a Difference Skin Rejuvenating Treatment from Origins.
Existing products such as the 3-Step Skin Care System and Moisture Surge Extra
from Clinique and Advanced Night Repair Eye Recovery Complex and Re-Nutriv
Ultimate Lifting Creme by Estee Lauder also contributed to the skin care sales
growth. These increases were partially offset by lower sales of certain existing
products.

Makeup sales for the quarter rose 3% before the impact of foreign currency
translation. Reported sales increased 4% to $468.0 million, fueled by double-
digit growth from two of the Company's makeup artist brands, M.A.C and Bobbi
Brown. During the quarter the Company launched Dewy Smooth Anti-Aging Makeup and
Rich Texture Blush by Clinique and So Ingenious Multi-Dimension Liquid
Foundation and So Ingenious Multi-Dimension Loose Powder from Estee Lauder.
Existing makeup products like Moisture Sheer Lipstick from Clinique as well as
Illusionist Maximum Curling Mascara and the Pure Color Lips and Nails line by
Estee Lauder also contributed positively to makeup sales growth. Lower sales of
certain existing products partially offset these positive results.

Fragrance sales decreased 1% compared to the prior-year quarter excluding the
impact of foreign currency translation. On a reported basis, fragrance sales
increased 1% to $296.5 million, benefiting from the current quarter launch of
T girl by Tommy Hilfiger, Estee Lauder pleasures intense and Donna Karan Black
Cashmere, and strong sales of Lauder Intuition for Men. Fragrance results
reflect the overall softness of the fragrance business, which is reflected in
lower sales of Estee Lauder pleasures and Beautiful as well as certain Tommy
Hilfiger fragrances.

Sales of hair care products for the quarter rose 1% to $50.4 million. The
increase is primarily attributable to growth at Aveda and Bumble and bumble due
to new products and additional retail store and salon distribution. Partially
offsetting these increases were lower sales from Clinique's Simple Hair Care
System, which rolled out internationally in last year's quarter, as well as the
launch of the Company's Aveda affiliate business in Korea in the prior year
first quarter.

Operating income declined in skin care, makeup and fragrance reflecting
increased advertising and promotional spending to promote new and recently
launched  products. Hair care operating income increased due to higher sales,
and reduced spending related to Clinique's Simple Hair Care System.
<PAGE>
Results by Geographic Region
----------------------------

In the Americas region, net sales for the quarter increased 2% to $787.7
million. The increase is primarily due to new and certain existing products and
growth from most developing brands, partially offset by the continued soft
retail environment in the U.S. Operating income in the region was lower due to
increased investment in advertising and promotion, including sampling and in-
store events.

In Europe, the Middle East & Africa, net sales increased 5% over last year's
first quarter, excluding the impact of foreign currency translation. Most
markets experienced sales growth, led by strong results in the United Kingdom,
Spain, Italy and Switzerland. The Company's travel retail business, reported in
this region, continues to recover as worldwide travel increases, with sales
increasing slightly in the current quarter compared with the prior-year period.
The region posted an 11% increase in reported net sales from the prior-year
period to $304.5 million, reflecting the impact of the strength of most European
currencies against the U.S. dollar. Operating profitability increased primarily
due to higher results in the United Kingdom, Spain and Italy, while in the
travel retail business, lower operating expenses as a percent of sales generated
higher results.

On a local currency  basis, Asia/Pacific net sales decreased 4% compared with
last year's quarter when the region grew 18%. Strong double-digit sales
increases in Korea and Thailand, as well as higher sales in Japan were offset by
lower sales in Australia, which had benefited from a change in retailer
arrangements in last year's quarter. Net sales in the region of $150.3 million
on a reported basis were comparable with the prior-year quarter, primarily
reflecting the strength of the Japanese yen, Korean Won and Australian dollar
during the quarter. Operating profit in the region declined as higher results in
Japan, Korea and Taiwan were offset by Australia, which had benefited from the
change in retailer arrangements in the prior-year period.

Estimates of Fiscal 2003 Second-Quarter and Full-Year Results
-------------------------------------------------------------

The Company believes the general and economic uncertainty, particularly in the
U.S., as well as the  potential risk of negative global political events makes
definitive forecasting difficult. However, based on current economic
assumptions, the calendarization of the Company's programs, and business
building activities, the Company believes it will achieve sales and earnings
growth in every remaining quarter throughout the fiscal year.

Net sales for the second fiscal quarter are expected to grow between 5% and 7%
on a constant currency basis versus last fiscal year's second quarter.
Geographic region net sales growth in constant currency is expected to
be led by Europe, the Middle East & Africa, followed by the Americas and
Asia/Pacific. On a product category basis, in constant currency, hair care and
makeup are expected to be the leading sales growth categories, followed by skin
care and fragrance. The positive effect of exchange rates in Europe and Asia
could  increase reported sales growth for the fiscal second quarter by
approximately 1 to 2 percentage points. As a result, the Company expects to
achieve diluted earnings per share of between $.38 and $.41 for the second
quarter.

At this time, for the full fiscal year, the Company reconfirms its previously
announced expectations to grow sales between 5% and 6% on a constant currency
basis versus the prior fiscal year and achieve diluted earnings per share of
between $1.28 and $1.33.

Forward-looking Statements
--------------------------

The forward-looking statements in this press release, including those containing
words like "will," "believe," "expect," "anticipate," "could," "plan," and
"estimate,"  those in Mr. Langhammer"s remarks and those in the "Estimate of
Fiscal 2003 Second-Quarter and Full-Year Results" section involve risks and
uncertainties. Factors that could cause actual results to differ materially from
those forward-looking statements include the following:
     (i)   increased competitive activity from companies in the skin care,
           makeup, fragrance and hair care businesses, some of which have
           greater resources than the Company does;
     (ii)  the Company's ability to develop, produce and market new products on
           which future operating results may depend;
     (iii) consolidations, restructurings, bankruptcies and reorganizations in
           the retail industry causing a decrease in the number of stores that
           sell the Company's products, an increase in the ownership
           concentration within the retail industry, ownership of retailers by
           the Company's competitors and ownership of competitors by the
           Company's customers that are retailers;
     (iv)  shifts in the preferences of consumers as to where and how they shop
           for the types of products and services the Company sells;
     (v)   social, political and economic risks to the Company's foreign or
           domestic manufacturing, distribution and retail operations,
           including changes in foreign investment and trade policies and
           regulations of the host countries and of the United States;
     (vi)  changes in the laws, regulations and policies, including changes in
           accounting standards, trade rules and customs regulations, and legal
           or regulatory proceedings, that affect, or will affect, the Company's
           business;
     (vii) foreign currency fluctuations affecting the Company's results of
           operations and the value of its foreign assets, the relative prices
           at which the Company and its foreign competitors sell products in
           the same markets and the Company's operating and manufacturing costs
           outside of the United States;
     (viii)changes in global or local economic conditions that could affect
           consumer purchasing, the financial strength of our customers, the
           cost and availability of capital, which the Company may need for new
           equipment, facilities or acquisitions, and the assumptions underlying
           our critical accounting estimates;
     (ix)  shipment delays, depletion of inventory and increased production
           costs resulting from disruptions of operations at any of the
           facilities which, due to consolidations in the Company's
           manufacturing operations, now manufacture nearly all of the Company's
           supply of a particular type of product (i.e., focus factories);
     (x)   real estate rates and availability, which may affect the Company's
           ability to increase the number of retail locations at which the
           Company's products are sold;
     (xi)  changes in product mix to products which are less profitable;
     (xii) the Company's ability to acquire or develop e-commerce capabilities,
           and other new information and distribution technologies, on a timely
           basis and within the Company's cost estimates;
     (xiii)the Company's ability to capitalize on opportunities for improved
           efficiency, such as globalization, and to integrate acquired
           businesses and realize value therefrom; and
     (xiv) consequences attributable to the events that took place in New York
           City and Washington, D.C. on September 11, 2001, including further
           attacks, retaliation and the threat of further attacks or
           retaliation.

The Estee Lauder Companies Inc. is one of the world's leading manufacturers and
marketers of quality skin care, makeup, fragrance and hair care products. The
Company's products are sold in over 130 countries and territories under well-
recognized brand names, including Estee Lauder, Clinique, Aramis, Prescriptives,
Origins, M.A.C, Bobbi Brown, Tommy Hilfiger, La Mer, jane, Donna Karan, Aveda,
Stila, Jo Malone, Bumble and bumble and kate spade beauty.

An electronic version of this release can be found at the Company's Website,
www.elcompanies.com.

                                - Table Follows -

<PAGE>
                        THE ESTEE LAUDER COMPANIES INC.

                         SUMMARY OF CONSOLIDATED RESULTS
                      (In millions, except per share data)

<TABLE>
<CAPTION>
                                                              Three Months Ended
                                                                 September 30     Percent
                                                              ------------------
                                                                2002       2001    Change
                                                                ----       ----    ------
<S>                                                              <C>       <C>      <C>

Net Sales.................................................   $ 1,242.5  $1,194.8    4.0%

Cost of sales.............................................       357.1     345.3
                                                             ---------  --------
Gross Profit..............................................       885.4     849.5    4.2%
                                                             ---------  --------
       Gross Margin.......................................        71.3%     71.1%

Operating expenses:
   Selling, general and administrative....................       766.4     692.6
   Related party royalties................................         4.6       4.0
                                                             ---------  --------
                                                                 771.0     696.6   10.7%
                                                             ---------  --------
       Operating Expense Margin...........................        62.1%     58.3%

Operating Income..........................................       114.4     152.9  (25.2)%
       Operating Income Margin............................         9.2%     12.8%

Interest expense, net.....................................         2.9       3.8
                                                             ---------  --------

Earnings before Income Taxes, Minority Interest
 and Accounting Change....................................       111.5     149.1  (25.2)%

Provision for income taxes................................        37.4      51.4
Minority interest, net of tax.............................        (0.7)     (0.6)
                                                             ---------  --------

Net Earnings before Accounting Change.....................        73.4      97.1  (24.4)%
Cumulative effect of a change in accounting
   principle (a)..........................................          -      (20.6)
                                                             ---------  --------
Net Earnings .............................................        73.4      76.5

Preferred stock dividends.................................         5.9       5.9
                                                             ---------  --------

Net Earnings Attributable to Common Stock.................   $    67.5  $   70.6
                                                             =========  ========

Basic net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................   $     .29  $    .38  (24.8)%
   Cumulative effect of a change in accounting principle..          -       (.08)
                                                             ---------  --------
   Net earnings attributable to common stock..............   $     .29  $    .30   (3.0)%
                                                             =========  ========

Diluted net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................   $     .28  $    .38  (24.5)%
   Cumulative effect of a change in accounting principle..          -       (.08)
                                                             ---------  --------
   Net earnings attributable to common stock..............   $     .28  $    .30   (2.4)%
                                                             =========  ========

Weighted average common shares outstanding:
   Basic..................................................       235.2     238.9
   Diluted................................................       237.4     242.3
</TABLE>

(a)  The quarter ended September 30, 2001 included a one-time charge of $20.6
     million, or $.08 per diluted common share, attributable to the cumulative
     effect of adopting Statement of Financial Accounting Standards No. 142,
     "Goodwill and Other Intangible Assets."

                                      # # #
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{"company-data": {"conformed-name": "ESTEE LAUDER COMPANIES INC", "cik": "0001001250", "assigned-sic": "2844", "irs-number": "112408943", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14064", "film-number": "02801871"}, "business-address": {"street1": "767 FIFTH AVE", "city": "NEW YORK", "state": "NY", "zip": "10153", "phone": "2125724200"}, "mail-address": {"street1": "767 FIFTH AVE", "city": "NEW YORK", "state": "NY", "zip": "10153"}}
SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549-1004
                             ______________________

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

               Date of Report (Date of earliest event reported) :
                                October 29, 2002

                         The Estee Lauder Companies Inc.
             (Exact name of registrant as specified in its charter)

         Delaware                                         11-2408943
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

767 Fifth Avenue, New York, New York                        10153
(Address of principal executive offices)                  (Zip Code)

                         Commission File Number: 1-14064

                                  212-572-4200
              (Registrant's telephone number, including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)

ITEM 5.  OTHER EVENTS.

On October 29, 2002, The Estee Lauder Companies Inc. issued a press release
reporting net sales for the fiscal first quarter ended September 30, 2002 of
$1.24 billion, a 4% increase from $1.19 billion in the prior-year period.
Excluding the impact of foreign currency translation, net sales increased 2%. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                            THE ESTEE LAUDER COMPANIES INC.

Date:  October 29, 2002                     By:    /s/Richard W. Kunes
                                               ----------------------------
                                                     Richard W. Kunes
                                                   Senior Vice President
                                                and Chief Financial Officer
                                                 (Principal Financial and
                                                   Accounting Officer)
THE ESTEE LAUDER COMPANIES INC.

                                  EXHIBIT INDEX

Exhibit No.      Description
-----------      -----------

     99.1       Press release dated October 29, 2002 of the Estee Lauder
                Companies Inc.
The                                                                         News
Estee                                                                   Contact:
Lauder                                                       Investor Relations:
Companies Inc.                                                   Dennis D'Andrea
                                                                  (212) 572-4384

767 Fifth Avenue                                                Media Relations:
New York, NY  10153                                                 Sally Susman
                                                                  (212) 572-4430

--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE:

              ESTEE LAUDER COMPANIES REPORTS FIRST QUARTER RESULTS;

             SALES GROWTH OF 4% DELIVERS EARNINGS PER SHARE OF $.28

New York, NY, October 29, 2002 - The Estee Lauder Companies Inc.(NYSE:EL)today
reported net sales for the fiscal first quarter ended September 30, 2002 of
$1.24 billion, a 4% increase from $1.19 billion in the prior-year period.
Excluding the impact of foreign currency translation, net sales increased 2%.

The Company achieved net earnings of $73.4 million for the quarter compared with
$97.1 million in the same period last year. Diluted earnings per common share
for the quarter ended September 30, 2002 were $.28 compared with $.38 reported
in the prior-year quarter. The prior year net earnings and diluted earnings per
share are before the cumulative effect of a change in accounting principle,
related to the adoption of Statement of Financial Accounting Standards Number
142, "Goodwill and Other Intangible Assets."

Fred H. Langhammer, President and Chief Executive  Officer, said, "I'm pleased
with our first quarter results, which were in line with our guidance and
reflected the calendarization and previously announced expenses associated with
of our new product launch programs and marketing, advertising and other brand-
building promotions. Based upon our performance in the quarter and our outlook
for the current period, we feel confident in our ability to deliver sales and
earnings growth in each remaining quarter of our fiscal year, resulting in full
year expected sales growth between 5% and 6% in constant currency and diluted
earnings per share between $1.28 and $1.33."

Results by Product Category
---------------------------

Net sales of skin care products for the quarter rose 4% before foreign currency
translation and reported sales increased 6% to $421.7 million. The higher sales
reflect the worldwide launches of Advanced Stop Signs by Clinique and Resilience
Lift OverNight Face and Throat Creme from Estee Lauder, as well as the domestic
introduction of Make a Difference Skin Rejuvenating Treatment from Origins.
Existing products such as the 3-Step Skin Care System and Moisture Surge Extra
from Clinique and Advanced Night Repair Eye Recovery Complex and Re-Nutriv
Ultimate Lifting Creme by Estee Lauder also contributed to the skin care sales
growth. These increases were partially offset by lower sales of certain existing
products.

Makeup sales for the quarter rose 3% before the impact of foreign currency
translation. Reported sales increased 4% to $468.0 million, fueled by double-
digit growth from two of the Company's makeup artist brands, M.A.C and Bobbi
Brown. During the quarter the Company launched Dewy Smooth Anti-Aging Makeup and
Rich Texture Blush by Clinique and So Ingenious Multi-Dimension Liquid
Foundation and So Ingenious Multi-Dimension Loose Powder from Estee Lauder.
Existing makeup products like Moisture Sheer Lipstick from Clinique as well as
Illusionist Maximum Curling Mascara and the Pure Color Lips and Nails line by
Estee Lauder also contributed positively to makeup sales growth. Lower sales of
certain existing products partially offset these positive results.

Fragrance sales decreased 1% compared to the prior-year quarter excluding the
impact of foreign currency translation. On a reported basis, fragrance sales
increased 1% to $296.5 million, benefiting from the current quarter launch of
T girl by Tommy Hilfiger, Estee Lauder pleasures intense and Donna Karan Black
Cashmere, and strong sales of Lauder Intuition for Men. Fragrance results
reflect the overall softness of the fragrance business, which is reflected in
lower sales of Estee Lauder pleasures and Beautiful as well as certain Tommy
Hilfiger fragrances.

Sales of hair care products for the quarter rose 1% to $50.4 million. The
increase is primarily attributable to growth at Aveda and Bumble and bumble due
to new products and additional retail store and salon distribution. Partially
offsetting these increases were lower sales from Clinique's Simple Hair Care
System, which rolled out internationally in last year's quarter, as well as the
launch of the Company's Aveda affiliate business in Korea in the prior year
first quarter.

Operating income declined in skin care, makeup and fragrance reflecting
increased advertising and promotional spending to promote new and recently
launched  products. Hair care operating income increased due to higher sales,
and reduced spending related to Clinique's Simple Hair Care System.
Results by Geographic Region
----------------------------

In the Americas region, net sales for the quarter increased 2% to $787.7
million. The increase is primarily due to new and certain existing products and
growth from most developing brands, partially offset by the continued soft
retail environment in the U.S. Operating income in the region was lower due to
increased investment in advertising and promotion, including sampling and in-
store events.

In Europe, the Middle East & Africa, net sales increased 5% over last year's
first quarter, excluding the impact of foreign currency translation. Most
markets experienced sales growth, led by strong results in the United Kingdom,
Spain, Italy and Switzerland. The Company's travel retail business, reported in
this region, continues to recover as worldwide travel increases, with sales
increasing slightly in the current quarter compared with the prior-year period.
The region posted an 11% increase in reported net sales from the prior-year
period to $304.5 million, reflecting the impact of the strength of most European
currencies against the U.S. dollar. Operating profitability increased primarily
due to higher results in the United Kingdom, Spain and Italy, while in the
travel retail business, lower operating expenses as a percent of sales generated
higher results.

On a local currency  basis, Asia/Pacific net sales decreased 4% compared with
last year's quarter when the region grew 18%. Strong double-digit sales
increases in Korea and Thailand, as well as higher sales in Japan were offset by
lower sales in Australia, which had benefited from a change in retailer
arrangements in last year's quarter. Net sales in the region of $150.3 million
on a reported basis were comparable with the prior-year quarter, primarily
reflecting the strength of the Japanese yen, Korean Won and Australian dollar
during the quarter. Operating profit in the region declined as higher results in
Japan, Korea and Taiwan were offset by Australia, which had benefited from the
change in retailer arrangements in the prior-year period.

Estimates of Fiscal 2003 Second-Quarter and Full-Year Results
-------------------------------------------------------------

The Company believes the general and economic uncertainty, particularly in the
U.S., as well as the  potential risk of negative global political events makes
definitive forecasting difficult. However, based on current economic
assumptions, the calendarization of the Company's programs, and business
building activities, the Company believes it will achieve sales and earnings
growth in every remaining quarter throughout the fiscal year.

Net sales for the second fiscal quarter are expected to grow between 5% and 7%
on a constant currency basis versus last fiscal year's second quarter.
Geographic region net sales growth in constant currency is expected to
be led by Europe, the Middle East & Africa, followed by the Americas and
Asia/Pacific. On a product category basis, in constant currency, hair care and
makeup are expected to be the leading sales growth categories, followed by skin
care and fragrance. The positive effect of exchange rates in Europe and Asia
could  increase reported sales growth for the fiscal second quarter by
approximately 1 to 2 percentage points. As a result, the Company expects to
achieve diluted earnings per share of between $.38 and $.41 for the second
quarter.

At this time, for the full fiscal year, the Company reconfirms its previously
announced expectations to grow sales between 5% and 6% on a constant currency
basis versus the prior fiscal year and achieve diluted earnings per share of
between $1.28 and $1.33.

Forward-looking Statements
--------------------------

The forward-looking statements in this press release, including those containing
words like "will," "believe," "expect," "anticipate," "could," "plan," and
"estimate,"  those in Mr. Langhammer"s remarks and those in the "Estimate of
Fiscal 2003 Second-Quarter and Full-Year Results" section involve risks and
uncertainties. Factors that could cause actual results to differ materially from
those forward-looking statements include the following:
     (i)   increased competitive activity from companies in the skin care,
           makeup, fragrance and hair care businesses, some of which have
           greater resources than the Company does;
     (ii)  the Company's ability to develop, produce and market new products on
           which future operating results may depend;
     (iii) consolidations, restructurings, bankruptcies and reorganizations in
           the retail industry causing a decrease in the number of stores that
           sell the Company's products, an increase in the ownership
           concentration within the retail industry, ownership of retailers by
           the Company's competitors and ownership of competitors by the
           Company's customers that are retailers;
     (iv)  shifts in the preferences of consumers as to where and how they shop
           for the types of products and services the Company sells;
     (v)   social, political and economic risks to the Company's foreign or
           domestic manufacturing, distribution and retail operations,
           including changes in foreign investment and trade policies and
           regulations of the host countries and of the United States;
     (vi)  changes in the laws, regulations and policies, including changes in
           accounting standards, trade rules and customs regulations, and legal
           or regulatory proceedings, that affect, or will affect, the Company's
           business;
     (vii) foreign currency fluctuations affecting the Company's results of
           operations and the value of its foreign assets, the relative prices
           at which the Company and its foreign competitors sell products in
           the same markets and the Company's operating and manufacturing costs
           outside of the United States;
     (viii)changes in global or local economic conditions that could affect
           consumer purchasing, the financial strength of our customers, the
           cost and availability of capital, which the Company may need for new
           equipment, facilities or acquisitions, and the assumptions underlying
           our critical accounting estimates;
     (ix)  shipment delays, depletion of inventory and increased production
           costs resulting from disruptions of operations at any of the
           facilities which, due to consolidations in the Company's
           manufacturing operations, now manufacture nearly all of the Company's
           supply of a particular type of product (i.e., focus factories);
     (x)   real estate rates and availability, which may affect the Company's
           ability to increase the number of retail locations at which the
           Company's products are sold;
     (xi)  changes in product mix to products which are less profitable;
     (xii) the Company's ability to acquire or develop e-commerce capabilities,
           and other new information and distribution technologies, on a timely
           basis and within the Company's cost estimates;
     (xiii)the Company's ability to capitalize on opportunities for improved
           efficiency, such as globalization, and to integrate acquired
           businesses and realize value therefrom; and
     (xiv) consequences attributable to the events that took place in New York
           City and Washington, D.C. on September 11, 2001, including further
           attacks, retaliation and the threat of further attacks or
           retaliation.

The Estee Lauder Companies Inc. is one of the world's leading manufacturers and
marketers of quality skin care, makeup, fragrance and hair care products. The
Company's products are sold in over 130 countries and territories under well-
recognized brand names, including Estee Lauder, Clinique, Aramis, Prescriptives,
Origins, M.A.C, Bobbi Brown, Tommy Hilfiger, La Mer, jane, Donna Karan, Aveda,
Stila, Jo Malone, Bumble and bumble and kate spade beauty.

An electronic version of this release can be found at the Company's Website,
www.elcompanies.com.

                                - Table Follows -
THE ESTEE LAUDER COMPANIES INC.

                         SUMMARY OF CONSOLIDATED RESULTS
                      (In millions, except per share data)
Three Months Ended
                                                                 September 30     Percent
                                                              ------------------
                                                                2002       2001    Change
                                                                ----       ----    ------
Net Sales.................................................   $ 1,242.5  $1,194.8    4.0%

Cost of sales.............................................       357.1     345.3
                                                             ---------  --------
Gross Profit..............................................       885.4     849.5    4.2%
                                                             ---------  --------
       Gross Margin.......................................        71.3%     71.1%

Operating expenses:
   Selling, general and administrative....................       766.4     692.6
   Related party royalties................................         4.6       4.0
                                                             ---------  --------
                                                                 771.0     696.6   10.7%
                                                             ---------  --------
       Operating Expense Margin...........................        62.1%     58.3%

Operating Income..........................................       114.4     152.9  (25.2)%
       Operating Income Margin............................         9.2%     12.8%

Interest expense, net.....................................         2.9       3.8
                                                             ---------  --------

Earnings before Income Taxes, Minority Interest
 and Accounting Change....................................       111.5     149.1  (25.2)%

Provision for income taxes................................        37.4      51.4
Minority interest, net of tax.............................        (0.7)     (0.6)
                                                             ---------  --------

Net Earnings before Accounting Change.....................        73.4      97.1  (24.4)%
Cumulative effect of a change in accounting
   principle (a)..........................................          -      (20.6)
                                                             ---------  --------
Net Earnings .............................................        73.4      76.5

Preferred stock dividends.................................         5.9       5.9
                                                             ---------  --------

Net Earnings Attributable to Common Stock.................   $    67.5  $   70.6
                                                             =========  ========

Basic net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................   $     .29  $    .38  (24.8)%
   Cumulative effect of a change in accounting principle..          -       (.08)
                                                             ---------  --------
   Net earnings attributable to common stock..............   $     .29  $    .30   (3.0)%
                                                             =========  ========

Diluted net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................   $     .28  $    .38  (24.5)%
   Cumulative effect of a change in accounting principle..          -       (.08)
                                                             ---------  --------
   Net earnings attributable to common stock..............   $     .28  $    .30   (2.4)%
                                                             =========  ========

Weighted average common shares outstanding:
   Basic..................................................       235.2     238.9
   Diluted................................................       237.4     242.3
(a)  The quarter ended September 30, 2001 included a one-time charge of $20.6
     million, or $.08 per diluted common share, attributable to the cumulative
     effect of adopting Statement of Financial Accounting Standards No. 142,
     "Goodwill and Other Intangible Assets."

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