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) :
                                 April 30, 2003


                         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)

     Commission File Number: 1-14064


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


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

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




Item 9.  Regulation FD Disclosure

The following information is furnished pursuant to Item 9, "Regulation FD
Disclosure," and Item 12, "Disclosure of Results of Operations and Financial
Condition." On April 30, 2003, The Estee Lauder Companies Inc. issued a press
release reporting its fiscal 2003 third-quarter results and estimates for
its full-year results.  A copy of that 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:  April 30, 2003                   By:     /s/Richard W. Kunes
                                                -------------------
                                                Richard W. Kunes
                                                Senior Vice President
                                                and Chief Financial Officer
                                               (Principal Financial and
                                                Accounting Officer)


<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 10% SALES GROWTH IN THIRD QUARTER

                      EARNINGS PER SHARE RISES 79% TO $.33


New York, NY, April 30, 2003 - The Estee Lauder Companies Inc. (NYSE: EL) today
reported net sales for the fiscal third quarter ended March 31, 2003 of $1.24
billion, a 10% increase from $1.12 billion in the prior-year period. Excluding
the impact of foreign currency translation, net sales increased 5%.

The Company achieved net earnings of $83.8 million for the quarter, a 65%
increase over the $50.7 million reported in the same period last year. Diluted
earnings per common share for the quarter ended March 31, 2003 grew 79% to $.33
compared with $.19 reported in the prior-year quarter.

Fred H. Langhammer, President and Chief Executive Officer, said, "We are very
pleased to have achieved another very strong quarter of sales and earnings
growth. The momentum we experienced in the second quarter continued into the
third quarter where we again generated outstanding results. This is a reflection
of our overall strategic investment spending to further build our brands. Also
key to our strong performance was the combined global strength of our
established and developing brands and the success of our initiatives to enhance
operating margin. Throughout this fiscal year we have been very encouraged by
the progress we've made in executing both near- and long-term strategies, which
have produced a strong operating performance. Our focus on top-line drivers,
cost containment, margin improvement, brand development and balance sheet
management have all been integral to our success."

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

Net sales of skin care products for the quarter increased 16% to $507.8 million
on a reported basis and rose 9% before foreign currency translation. The higher
sales reflect the recent launches of the Repairwear treatment collection by
Clinique and Perfectionist Correcting Serum for Lines and Wrinkles from Estee
Lauder. Other recently launched and existing products such as Advanced Stop
Signs from Clinique and Resilience Lift OverNight Face and Throat Creme by Estee
Lauder, as well as A Perfect World White Tea Skin Guardian by Origins also
contributed to the skin care sales growth. This increase was partially offset by
lower sales of certain existing products.

Makeup sales for the quarter rose 4% to $491.4 million. Before the impact of
foreign currency translation, net sales increased 1%. In addition to solid
growth from two of the Company's makeup artist brands, M.A.C and Bobbi Brown,
the higher sales reflect the current quarter launch of Colour Surge Lipstick
from Clinique and MagnaScopic Maximum Volume Mascara by Estee Lauder. Recently
launched makeup products contributed positively to the increased net sales,
while lower sales of certain existing products partially offset these positive
results.

Fragrance sales on a reported basis increased 16% to $181.6 million compared to
the prior-year quarter and rose 9% in constant currency. The increase reflects
solid growth from the recovery, during the current quarter, in the Company's
travel retail business, which depends substantially on fragrance products.
Fragrance sales benefited from the current quarter launch of Clinique Happy
Heart and recent launches of T girl by Tommy Hilfiger, Estee Lauder pleasures
intense and Lauder Intuition for Men. Existing fragrances, Estee Lauder
pleasures and Beautiful and Donna Karan Cashmere Mist, also posted strong sales
growth during the quarter. Fragrance results were impacted by the overall
softness in the fragrance business, which is reflected in lower sales of
Clinique Happy, Intuition from Estee Lauder, as well as certain Tommy Hilfiger
fragrances.

Sales of hair care products for the quarter rose 7% to $53.2 million. The
increase is primarily attributable to growth at Aveda and Bumble and bumble,
partially offset by lower sales from the Clinique Simple Hair Care System.

Operating income increased in skin care, makeup and hair care primarily due to
the higher sales, while fragrance operating results improved reflecting higher
results in the travel retail business.
<PAGE>

Results by Geographic Region
----------------------------

In the Americas region, net sales for the quarter increased 4% to $721.5
million. The increase is primarily due to the success of new and certain
existing products and growth from virtually all developing brands. Despite the
increase, the Company continues to see a soft retail environment in the United
States. Operating income in the Americas rose due to improved sales and benefits
from the Company's prior restructurings, supply chain initiatives and ongoing
cost containment efforts.

In Europe, the Middle East & Africa, net sales increased 24% from the prior-year
period to $361.5 million, and rose 8% over last year's third quarter excluding
the impact of foreign currency translation. Reported sales in the region reflect
the strength of most European currencies against the U.S. dollar. The Company's
travel retail business, reported in this region, continued to recover with sales
growing substantially in the current quarter compared with the prior-year
period. In constant currency, most markets experienced sales growth, led by
strong results in the United Kingdom, Spain, Greece and South Africa. Operating
profitability increased primarily due to sharply higher results in the travel
retail business, as well as improved results in several other markets led by the
United Kingdom and Greece.

Asia/Pacific net sales of $156.4 million grew 17% over the prior-year quarter.
Net sales were positively impacted by the strength of the Japanese Yen, Korean
Won and Australian dollar. On a local currency basis, Asia/Pacific net sales
rose 7%. The local currency sales increase is primarily due to strong
double-digit growth in Korea, China and Thailand, as well as higher sales in
Australia. Sales in Japan decreased in the current quarter. Operating profit in
the region increased slightly as higher results in Korea and Australia were
offset by lower results in Japan.

Nine-Month Results
------------------

For the nine months ended March 31, 2003, the Company reported net sales of
$3.89 billion, an 8% increase from $3.61 billion in the comparable prior-year
period. Excluding the impact of foreign currency translation, net sales rose 5%.
The Company achieved net earnings of $266.8 million for the nine months, a 12%
increase over the $237.9 million in the same period last year. Diluted earnings
per common share for the nine months ended March 31, 2003 rose 15% to $1.06
compared with $.92 reported in the prior-year period. The prior year net
earnings and diluted earnings per share are before the cumulative effect of a
change in accounting principle of $20.6 million and $.09, respectively, related
to the adoption of Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets."

For the nine months ended March 31, 2003, the Company generated $415.9 million
in cash flow from operating activities, a 14% increase over the prior-year
period. The increase resulted from higher net earnings, improvements in certain
working capital components and other assets, and an increase in accrued
advertising, sampling and merchandising. Operating cash flow was utilized
primarily for the repurchase of shares of the Company's Class A Common Stock,
capital investments, dividend payments and repayment of long-term debt.

Estimates of Fiscal 2003 Full-Year
----------------------------------

When the Company set its top-line growth objectives for fiscal 2003, they were
based on the assumption that economic conditions would improve in the second
half of its fiscal year. This has not materialized. The sluggish retail
environment in the U.S. has continued, and the outbreak of the conflict in Iraq
as well as the emergence of the SARS (Severe Acute Respiratory Syndrome) virus
in the Far East has created an adverse retail environment in the travel retail
and certain local market businesses, particularly in Hong Kong, Singapore and
China. Since this uncertainty is likely to exist for the next few months, the
Company expects these issues will adversely affect its top-line growth
temporarily.

In spite of these conditions, for the full fiscal year, the Company expects to
grow reported sales approximately 7%, which translates into a 4% increase on a
constant currency basis versus the prior fiscal year. At the same time the
Company still expects to achieve diluted earnings per share of between $1.28 and
$1.33 for the fiscal year, in line with its previous guidance. Geographic region
net sales growth in constant currency is expected to be led by Europe, the
Middle East & Africa, followed by Asia/Pacific and the Americas. On a product
category basis, in constant currency, skin care and makeup are expected to be
the leading sales growth categories, followed by hair care, while fragrance is
expected to be relatively unchanged versus the prior year.


<PAGE>

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 Full-Year" 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,  tax laws and regulations,  trade rules and
           customs  regulations,  and the outcome and expense of 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 or other conditions that could
           affect  consumer  purchasing, the willingness of people to travel,
           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 and the costs associated with its
           executive offices;
     (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 are currently taking
           place in Iraq and 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.
-------------------

                                - Tables Follow -


<PAGE>
                         THE ESTEE LAUDER COMPANIES INC.

                         SUMMARY OF CONSOLIDATED RESULTS
                      (In millions, except per share data)
<TABLE>
<CAPTION>


                                                              Three Months Ended                Nine Months Ended
                                                                     March 31                       March 31
                                                              ------------------    Percent    ------------------  Percent
                                                                2003       2002     Change       2003      2002     Change
                                                                ----       ----     -------      ----      ----     ------
<S>                                                              <C>        <C>      <C>        <C>         <C>       <C>
Net Sales.................................................     $1,239.4   $1,121.7  10.5%      $3,894.6   $3,614.7    7.7%

Cost of sales.............................................        316.6      318.3              1,045.1    1,006.9
                                                               --------   --------             --------   --------
Gross Profit..............................................        922.8      803.4  14.9%       2,849.5    2,607.8    9.3%
                                                               --------   --------             --------   --------
   Gross Margin...........................................         74.4%      71.6%                73.2%      72.1%

Operating expenses:
   Selling, general and administrative....................        790.5      719.4              2,422.5    2,218.5
   Related party royalties................................          4.5        2.9                 14.8       11.8
                                                               --------   --------             --------   --------
                                                                  795.0      722.3  10.1%       2,437.3    2,230.3    9.3%
                                                               --------   --------             --------   --------
       Operating Expense Margin...........................         64.1%      64.4%                62.6%      61.7%

Operating Income..........................................        127.8       81.1  57.6%         412.2      377.5    9.2%
              Operating Income Margin.....................         10.3%       7.2%                10.6%      10.4%

Interest expense, net.....................................          1.9        2.6                  7.0        8.3
                                                               --------   --------             --------   --------

Earnings before Income Taxes, Minority Interest
 and Accounting Change....................................        125.9       78.5  60.4%         405.2      369.2    9.8%

Provision for income taxes................................         41.0       27.1                134.5      127.4
Minority interest, net of tax.............................         (1.1)      (0.7)                (3.9)      (3.9)
                                                               --------   --------             --------   --------

Net Earnings before Accounting Change.....................         83.8       50.7  65.3%         266.8      237.9   12.2%
Cumulative effect of a change in accounting
   principle (a)..........................................            -         -                    -       (20.6)
                                                               --------   --------             --------   --------
Net Earnings .............................................         83.8       50.7                266.8      217.3

Preferred stock dividends.................................          5.9        5.9                 17.6       17.6
                                                               --------   --------             --------   --------
Net Earnings Attributable to Common Stock.................     $   77.9   $   44.8             $  249.2   $  199.7
                                                               ========   ========             ========   ========

Basic net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................     $    .34   $    .19   78.2%     $   1.07   $    .93   15.3%
   Cumulative effect of a change in accounting principle..          -          -                    -         (.09)
                                                               --------   --------             --------   --------
   Net earnings attributable to common stock..............     $    .34   $    .19   78.2%     $   1.07   $    .84   27.4%
                                                               ========   ========             ========   ========
Diluted net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................     $    .33   $    .19   78.6%     $   1.06   $    .92   15.3%
   Cumulative effect of a change in accounting principle..          -          -                    -         (.09)
                                                               --------   --------             --------   --------
   Net earnings attributable to common stock..............     $    .33   $    .19   78.6%     $   1.06   $    .83   27.8%
                                                               ========   ========             ========   ========
Weighted average common shares outstanding:
   Basic..................................................        232.1      237.9                233.5      238.3
   Diluted................................................        234.0      240.4                235.5      241.1
</TABLE>

(a) The nine months ended March 31, 2002 included a one-time charge of $20.6
    million, or $.09 per diluted common share, attributable to the cumulative
    effect of adopting Statement of Financial Accounting Standards
    No. 142, "Goodwill and Other Intangible Assets."

<PAGE>


                         THE ESTEE LAUDER COMPANIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (In millions)


<TABLE>
<CAPTION>
                                                                         March 31           June 30         March 31
                                                                           2003               2002            2002
                                                                           ----               ----            ----
                                     ASSETS
<S>                                                                            <C>              <C>              <C>
Current Assets
Cash and cash equivalents..............................................   $   528.0        $   546.9        $   469.0
Accounts receivable, net...............................................       733.1            624.8            677.1
Inventory and promotional merchandise, net.............................       532.4            544.5            514.9
Prepaid expenses and other current assets..............................       200.4            211.4            192.6
                                                                          ---------        ---------        ---------
     Total Current Assets..............................................     1,993.9          1,927.6          1,853.6
                                                                          ---------        ---------        ---------

Property, Plant and Equipment, net.....................................       581.2            580.7            570.0
Other Assets  .........................................................       892.9            908.2            925.9
                                                                          ---------        ---------        ---------
     Total Assets......................................................   $ 3,468.0        $ 3,416.5        $ 3,349.5
                                                                          =========        =========        =========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term debt........................................................   $    94.4        $     6.6        $     5.3
Accounts payable.......................................................       185.5            216.4            191.6
Other current liabilities..............................................       865.6            736.6            666.1
                                                                          ---------        ---------        ---------
     Total Current Liabilities.........................................     1,145.5            959.6            863.0
                                                                          ---------        ---------        ---------

Noncurrent Liabilities
Long-term debt.........................................................       274.2            403.9            404.4
Other noncurrent liabilities...........................................       212.0            231.1            248.6
$6.50 Cumulative Redeemable Preferred Stock, at redemption value.......       360.0            360.0            360.0
Total Stockholders' Equity.............................................     1,476.3          1,461.9          1,473.5
                                                                          ---------        ---------        ---------
     Total Liabilities and Stockholders' Equity........................   $ 3,468.0        $ 3,416.5        $ 3,349.5
                                                                          =========        =========        =========

</TABLE>




                             SELECTED CASH FLOW DATA
                                  (In millions)

<TABLE>
<CAPTION>
                                                                                                   Nine Months Ended
                                                                                                       March 31
                                                                                                --------------------
                                                                                                 2003         2002
                                                                                                 ----         ----
 <S>                                                                                              <C>         <C>
Cash Flows from Operating Activities
   Net earnings.........................................................................         $266.8       $217.3
   Depreciation and amortization........................................................          127.8        117.6
   Deferred income taxes................................................................           25.8         20.0
   Cumulative effect of a change in accounting principle................................            -           20.6
   Other items..........................................................................            4.0          3.1
   Changes in operating assets and liabilities:
       Increase in accounts receivable, net.............................................          (88.6)       (96.2)
       Decrease in inventory and promotional merchandise, net...........................           23.0        115.8
       Increase in accounts payable and other accrued liabilities.......................           95.8          4.5
       Other operating assets and liabilities, net......................................          (38.7)       (37.1)
                                                                                                 ------       ------
         Net cash flows provided by operating activities................................         $415.9       $365.6
                                                                                                 ======       ======
   Capital expenditures.................................................................          107.1        139.9
   Payments to acquire treasury stock...................................................          215.5         49.8
   Dividends paid.......................................................................           75.9         53.3
</TABLE>

                                                        # # #
[{"type": "8-K", "sequence": "1", "filename": "form_8k-apr30.txt", "description": "EL 8K REPORTING 3RD QTR RESULTS APR 30 2003", "secsgml_size_bytes": 29815}]
{"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": "03674467"}, "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) :
                                 April 30, 2003

                         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)

     Commission File Number: 1-14064

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

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

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

Item 9.  Regulation FD Disclosure

The following information is furnished pursuant to Item 9, "Regulation FD
Disclosure," and Item 12, "Disclosure of Results of Operations and Financial
Condition." On April 30, 2003, The Estee Lauder Companies Inc. issued a press
release reporting its fiscal 2003 third-quarter results and estimates for
its full-year results.  A copy of that 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:  April 30, 2003                   By:     /s/Richard W. Kunes
                                                -------------------
                                                Richard W. Kunes
                                                Senior Vice President
                                                and Chief Financial Officer
                                               (Principal Financial and
                                                Accounting Officer)
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 10% SALES GROWTH IN THIRD QUARTER

                      EARNINGS PER SHARE RISES 79% TO $.33

New York, NY, April 30, 2003 - The Estee Lauder Companies Inc. (NYSE: EL) today
reported net sales for the fiscal third quarter ended March 31, 2003 of $1.24
billion, a 10% increase from $1.12 billion in the prior-year period. Excluding
the impact of foreign currency translation, net sales increased 5%.

The Company achieved net earnings of $83.8 million for the quarter, a 65%
increase over the $50.7 million reported in the same period last year. Diluted
earnings per common share for the quarter ended March 31, 2003 grew 79% to $.33
compared with $.19 reported in the prior-year quarter.

Fred H. Langhammer, President and Chief Executive Officer, said, "We are very
pleased to have achieved another very strong quarter of sales and earnings
growth. The momentum we experienced in the second quarter continued into the
third quarter where we again generated outstanding results. This is a reflection
of our overall strategic investment spending to further build our brands. Also
key to our strong performance was the combined global strength of our
established and developing brands and the success of our initiatives to enhance
operating margin. Throughout this fiscal year we have been very encouraged by
the progress we've made in executing both near- and long-term strategies, which
have produced a strong operating performance. Our focus on top-line drivers,
cost containment, margin improvement, brand development and balance sheet
management have all been integral to our success."

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

Net sales of skin care products for the quarter increased 16% to $507.8 million
on a reported basis and rose 9% before foreign currency translation. The higher
sales reflect the recent launches of the Repairwear treatment collection by
Clinique and Perfectionist Correcting Serum for Lines and Wrinkles from Estee
Lauder. Other recently launched and existing products such as Advanced Stop
Signs from Clinique and Resilience Lift OverNight Face and Throat Creme by Estee
Lauder, as well as A Perfect World White Tea Skin Guardian by Origins also
contributed to the skin care sales growth. This increase was partially offset by
lower sales of certain existing products.

Makeup sales for the quarter rose 4% to $491.4 million. Before the impact of
foreign currency translation, net sales increased 1%. In addition to solid
growth from two of the Company's makeup artist brands, M.A.C and Bobbi Brown,
the higher sales reflect the current quarter launch of Colour Surge Lipstick
from Clinique and MagnaScopic Maximum Volume Mascara by Estee Lauder. Recently
launched makeup products contributed positively to the increased net sales,
while lower sales of certain existing products partially offset these positive
results.

Fragrance sales on a reported basis increased 16% to $181.6 million compared to
the prior-year quarter and rose 9% in constant currency. The increase reflects
solid growth from the recovery, during the current quarter, in the Company's
travel retail business, which depends substantially on fragrance products.
Fragrance sales benefited from the current quarter launch of Clinique Happy
Heart and recent launches of T girl by Tommy Hilfiger, Estee Lauder pleasures
intense and Lauder Intuition for Men. Existing fragrances, Estee Lauder
pleasures and Beautiful and Donna Karan Cashmere Mist, also posted strong sales
growth during the quarter. Fragrance results were impacted by the overall
softness in the fragrance business, which is reflected in lower sales of
Clinique Happy, Intuition from Estee Lauder, as well as certain Tommy Hilfiger
fragrances.

Sales of hair care products for the quarter rose 7% to $53.2 million. The
increase is primarily attributable to growth at Aveda and Bumble and bumble,
partially offset by lower sales from the Clinique Simple Hair Care System.

Operating income increased in skin care, makeup and hair care primarily due to
the higher sales, while fragrance operating results improved reflecting higher
results in the travel retail business.
Results by Geographic Region
----------------------------

In the Americas region, net sales for the quarter increased 4% to $721.5
million. The increase is primarily due to the success of new and certain
existing products and growth from virtually all developing brands. Despite the
increase, the Company continues to see a soft retail environment in the United
States. Operating income in the Americas rose due to improved sales and benefits
from the Company's prior restructurings, supply chain initiatives and ongoing
cost containment efforts.

In Europe, the Middle East & Africa, net sales increased 24% from the prior-year
period to $361.5 million, and rose 8% over last year's third quarter excluding
the impact of foreign currency translation. Reported sales in the region reflect
the strength of most European currencies against the U.S. dollar. The Company's
travel retail business, reported in this region, continued to recover with sales
growing substantially in the current quarter compared with the prior-year
period. In constant currency, most markets experienced sales growth, led by
strong results in the United Kingdom, Spain, Greece and South Africa. Operating
profitability increased primarily due to sharply higher results in the travel
retail business, as well as improved results in several other markets led by the
United Kingdom and Greece.

Asia/Pacific net sales of $156.4 million grew 17% over the prior-year quarter.
Net sales were positively impacted by the strength of the Japanese Yen, Korean
Won and Australian dollar. On a local currency basis, Asia/Pacific net sales
rose 7%. The local currency sales increase is primarily due to strong
double-digit growth in Korea, China and Thailand, as well as higher sales in
Australia. Sales in Japan decreased in the current quarter. Operating profit in
the region increased slightly as higher results in Korea and Australia were
offset by lower results in Japan.

Nine-Month Results
------------------

For the nine months ended March 31, 2003, the Company reported net sales of
$3.89 billion, an 8% increase from $3.61 billion in the comparable prior-year
period. Excluding the impact of foreign currency translation, net sales rose 5%.
The Company achieved net earnings of $266.8 million for the nine months, a 12%
increase over the $237.9 million in the same period last year. Diluted earnings
per common share for the nine months ended March 31, 2003 rose 15% to $1.06
compared with $.92 reported in the prior-year period. The prior year net
earnings and diluted earnings per share are before the cumulative effect of a
change in accounting principle of $20.6 million and $.09, respectively, related
to the adoption of Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets."

For the nine months ended March 31, 2003, the Company generated $415.9 million
in cash flow from operating activities, a 14% increase over the prior-year
period. The increase resulted from higher net earnings, improvements in certain
working capital components and other assets, and an increase in accrued
advertising, sampling and merchandising. Operating cash flow was utilized
primarily for the repurchase of shares of the Company's Class A Common Stock,
capital investments, dividend payments and repayment of long-term debt.

Estimates of Fiscal 2003 Full-Year
----------------------------------

When the Company set its top-line growth objectives for fiscal 2003, they were
based on the assumption that economic conditions would improve in the second
half of its fiscal year. This has not materialized. The sluggish retail
environment in the U.S. has continued, and the outbreak of the conflict in Iraq
as well as the emergence of the SARS (Severe Acute Respiratory Syndrome) virus
in the Far East has created an adverse retail environment in the travel retail
and certain local market businesses, particularly in Hong Kong, Singapore and
China. Since this uncertainty is likely to exist for the next few months, the
Company expects these issues will adversely affect its top-line growth
temporarily.

In spite of these conditions, for the full fiscal year, the Company expects to
grow reported sales approximately 7%, which translates into a 4% increase on a
constant currency basis versus the prior fiscal year. At the same time the
Company still expects to achieve diluted earnings per share of between $1.28 and
$1.33 for the fiscal year, in line with its previous guidance. Geographic region
net sales growth in constant currency is expected to be led by Europe, the
Middle East & Africa, followed by Asia/Pacific and the Americas. On a product
category basis, in constant currency, skin care and makeup are expected to be
the leading sales growth categories, followed by hair care, while fragrance is
expected to be relatively unchanged versus the prior year.
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 Full-Year" 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,  tax laws and regulations,  trade rules and
           customs  regulations,  and the outcome and expense of 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 or other conditions that could
           affect  consumer  purchasing, the willingness of people to travel,
           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 and the costs associated with its
           executive offices;
     (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 are currently taking
           place in Iraq and 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.
-------------------

                                - Tables Follow -
THE ESTEE LAUDER COMPANIES INC.

                         SUMMARY OF CONSOLIDATED RESULTS
                      (In millions, except per share data)
Three Months Ended                Nine Months Ended
                                                                     March 31                       March 31
                                                              ------------------    Percent    ------------------  Percent
                                                                2003       2002     Change       2003      2002     Change
                                                                ----       ----     -------      ----      ----     ------
Net Sales.................................................     $1,239.4   $1,121.7  10.5%      $3,894.6   $3,614.7    7.7%

Cost of sales.............................................        316.6      318.3              1,045.1    1,006.9
                                                               --------   --------             --------   --------
Gross Profit..............................................        922.8      803.4  14.9%       2,849.5    2,607.8    9.3%
                                                               --------   --------             --------   --------
   Gross Margin...........................................         74.4%      71.6%                73.2%      72.1%

Operating expenses:
   Selling, general and administrative....................        790.5      719.4              2,422.5    2,218.5
   Related party royalties................................          4.5        2.9                 14.8       11.8
                                                               --------   --------             --------   --------
                                                                  795.0      722.3  10.1%       2,437.3    2,230.3    9.3%
                                                               --------   --------             --------   --------
       Operating Expense Margin...........................         64.1%      64.4%                62.6%      61.7%

Operating Income..........................................        127.8       81.1  57.6%         412.2      377.5    9.2%
              Operating Income Margin.....................         10.3%       7.2%                10.6%      10.4%

Interest expense, net.....................................          1.9        2.6                  7.0        8.3
                                                               --------   --------             --------   --------

Earnings before Income Taxes, Minority Interest
 and Accounting Change....................................        125.9       78.5  60.4%         405.2      369.2    9.8%

Provision for income taxes................................         41.0       27.1                134.5      127.4
Minority interest, net of tax.............................         (1.1)      (0.7)                (3.9)      (3.9)
                                                               --------   --------             --------   --------

Net Earnings before Accounting Change.....................         83.8       50.7  65.3%         266.8      237.9   12.2%
Cumulative effect of a change in accounting
   principle (a)..........................................            -         -                    -       (20.6)
                                                               --------   --------             --------   --------
Net Earnings .............................................         83.8       50.7                266.8      217.3

Preferred stock dividends.................................          5.9        5.9                 17.6       17.6
                                                               --------   --------             --------   --------
Net Earnings Attributable to Common Stock.................     $   77.9   $   44.8             $  249.2   $  199.7
                                                               ========   ========             ========   ========

Basic net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................     $    .34   $    .19   78.2%     $   1.07   $    .93   15.3%
   Cumulative effect of a change in accounting principle..          -          -                    -         (.09)
                                                               --------   --------             --------   --------
   Net earnings attributable to common stock..............     $    .34   $    .19   78.2%     $   1.07   $    .84   27.4%
                                                               ========   ========             ========   ========
Diluted net earnings per common share:
   Net earnings attributable to common stock before
     accounting change....................................     $    .33   $    .19   78.6%     $   1.06   $    .92   15.3%
   Cumulative effect of a change in accounting principle..          -          -                    -         (.09)
                                                               --------   --------             --------   --------
   Net earnings attributable to common stock..............     $    .33   $    .19   78.6%     $   1.06   $    .83   27.8%
                                                               ========   ========             ========   ========
Weighted average common shares outstanding:
   Basic..................................................        232.1      237.9                233.5      238.3
   Diluted................................................        234.0      240.4                235.5      241.1
(a) The nine months ended March 31, 2002 included a one-time charge of $20.6
    million, or $.09 per diluted common share, attributable to the cumulative
    effect of adopting Statement of Financial Accounting Standards
    No. 142, "Goodwill and Other Intangible Assets."
THE ESTEE LAUDER COMPANIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (In millions)
March 31           June 30         March 31
                                                                           2003               2002            2002
                                                                           ----               ----            ----
                                     ASSETS
Current Assets
Cash and cash equivalents..............................................   $   528.0        $   546.9        $   469.0
Accounts receivable, net...............................................       733.1            624.8            677.1
Inventory and promotional merchandise, net.............................       532.4            544.5            514.9
Prepaid expenses and other current assets..............................       200.4            211.4            192.6
                                                                          ---------        ---------        ---------
     Total Current Assets..............................................     1,993.9          1,927.6          1,853.6
                                                                          ---------        ---------        ---------

Property, Plant and Equipment, net.....................................       581.2            580.7            570.0
Other Assets  .........................................................       892.9            908.2            925.9
                                                                          ---------        ---------        ---------
     Total Assets......................................................   $ 3,468.0        $ 3,416.5        $ 3,349.5
                                                                          =========        =========        =========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term debt........................................................   $    94.4        $     6.6        $     5.3
Accounts payable.......................................................       185.5            216.4            191.6
Other current liabilities..............................................       865.6            736.6            666.1
                                                                          ---------        ---------        ---------
     Total Current Liabilities.........................................     1,145.5            959.6            863.0
                                                                          ---------        ---------        ---------

Noncurrent Liabilities
Long-term debt.........................................................       274.2            403.9            404.4
Other noncurrent liabilities...........................................       212.0            231.1            248.6
$6.50 Cumulative Redeemable Preferred Stock, at redemption value.......       360.0            360.0            360.0
Total Stockholders' Equity.............................................     1,476.3          1,461.9          1,473.5
                                                                          ---------        ---------        ---------
     Total Liabilities and Stockholders' Equity........................   $ 3,468.0        $ 3,416.5        $ 3,349.5
                                                                          =========        =========        =========
SELECTED CASH FLOW DATA
                                  (In millions)
Nine Months Ended
                                                                                                       March 31
                                                                                                --------------------
                                                                                                 2003         2002
                                                                                                 ----         ----
Cash Flows from Operating Activities
   Net earnings.........................................................................         $266.8       $217.3
   Depreciation and amortization........................................................          127.8        117.6
   Deferred income taxes................................................................           25.8         20.0
   Cumulative effect of a change in accounting principle................................            -           20.6
   Other items..........................................................................            4.0          3.1
   Changes in operating assets and liabilities:
       Increase in accounts receivable, net.............................................          (88.6)       (96.2)
       Decrease in inventory and promotional merchandise, net...........................           23.0        115.8
       Increase in accounts payable and other accrued liabilities.......................           95.8          4.5
       Other operating assets and liabilities, net......................................          (38.7)       (37.1)
                                                                                                 ------       ------
         Net cash flows provided by operating activities................................         $415.9       $365.6
                                                                                                 ======       ======
   Capital expenditures.................................................................          107.1        139.9
   Payments to acquire treasury stock...................................................          215.5         49.8
   Dividends paid.......................................................................           75.9         53.3
# # #