You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Unless otherwise stated, all net sales growth numbers are in constant currency and all organic results exclude the impact of acquisitions, divestitures, brand closures, and the impact of currency translation.
As a reminder, references to online sales include sales we make directly to our consumers through our brand.com sites and through third-party platforms.
It also includes estimated sales of our products through Retailer's websites.
I hope you and your families are in good health, and our hearts continue to be with those impacted by COVID-19.
We delivered outstanding performance amid the pandemic in fiscal year 2021, capped with an exceptional fourth quarter and powered by our dynamic multiple engines of growth strategy, as well as the timeless desirability of prestige beauty.
In a year of pain and sorrow, our employees cared for each other, their families, and our company with compassion, creativity, and resolve.
While the challenges of COVID-19 persist, we confidently begin fiscal year 2022 as a stronger company, full of aspiration for the opportunities of tomorrow.
For fiscal year 2021, sales rose 11% as we pivoted our energy resources to the growth engines of skin care, fragrance, Asia Pacific, travel retail in Asia Pacific, and global online.
Impressively, eight brands grew double digits, led by Estee Lauder, La Mer, and Jo Malone London.
Multiple waves and variants of COVID-19 to the extent the center reach were unexpected a year ago drove volatility and variability throughout the year.
We saw reopenings revert to closing, and reopenings in one market meant with renewed lockdowns in other markets.
Despite this, we delivered on the goal we set last August for sales growth to improve sequentially each quarter.
Our sales exceeded $16 billion for the first time ever, up 9% from fiscal year 2019 on a reported basis, fueled by skin care and fragrance.
Adjusted operating margin expanded to 18.9%, which is 140 basis points above fiscal year 2019 as we invested in today's strongest growth engines, managed cost with discipline, and funded long-term growth opportunities.
Adjusted diluted earnings per share rose 21% relative to two years ago.
We delivered these excellent results while pushing our social impact and sustainability goals and commitment.
First and foremost, we remain focused on employee and consumer safety and well-being.
We achieved important milestones for our 2025 sustainability goals, expanded our inclusion, diversity, and equity programs, defined a strategy for women's advancement and gender equality, and advanced work toward our racial equity commitments.
Here are a few among the many areas of our progress.
We achieved net-zero carbon emissions and 100% renewable electricity globally for our own operations.
We also set science-based emissions reduction target, addressing Scope 1 and 2 for our direct operation and certain elements of Scope 3 for our value chain, signaling our new level of ambition for climate actions.
We launched ingredient glossaries for seven additional brands, such that 11 brands now offer this insightful content.
We transformed our traditional inclusion, diversity, and equity week into a blockbuster virtual experience, with 35 events involving thousands of participants from 25 countries.
We also introduced new educational offerings, including four antiracism and inclusive leadership.
We expanded our grassroots-led employee resource groups, which served as a source of support and comfort throughout the tumult of last year.
The women leadership network is our largest group and is now global, with its expansion into Latin America and Asia Pacific.
We created two new leadership programs for women and black employees.
The Open Door women's leadership program is a unique intensive course to develop our next generation of women leaders.
Building on its success, we designed the Open Doors collection, a self-guided program to bring these leadership skills to all our employees around the world.
The form every chair leadership and development program is successfully held to ensure that black employees have equitable access to leadership trainings, mentorships, career development, and advancement opportunity, as well as to build a stronger, more inclusive network of talent across the organization by promoting visibility and facilitating leadership connections points with participants.
Our new partnership with Howard University focused on its alumina-hosted 12 engaging events and launched an accelerator program to help increase the pipeline for black talent with career, coaching, professional training, and self-empowering networking.
Let me now turn to product innovation, which serve as an impactful catalyst for growth in fiscal year 2021.
Innovation represented over 30% of sales, exceeding our expectations.
We combine data analytics with our creative talent and R&D to successfully anticipate scale and set trends across categories.
The Estee Lauder brand achieved its fourth consecutive year of double-digit sales growth in fiscal year 2021, fueled by strength across its many hero franchises in skin care.
Trusted products, along with innovation, were highly sold from Shanghai to New York, Paris, and now Sao Paulo given the brand's well-received launch in Brazil.
Advanced Night Repair newly reformulated serum sparked excellent sales growth.
Revitalizing Supreme's new Supreme+ Bright Moisturizer, further bolstered the accelerating franchise, while Re-Nutriv new eye serum served and created a halo effect on demand.
In makeup, the brand's double wear Futurist and Pure Color franchises produced significant double-digit sales growth in the fourth quarter and exciting early signs of makeup renaissance.
La Mer delivered outstanding double-digit sales growth in the fiscal year as innovation soared and engaging campaigns with iconic ingredient-based narratives drove demand for its hero products.
Clinique skin care excelled in fiscal year 2021.
Sales rose double digits and powered the brands to high single-digit sales growth.
The brand successfully met consumer needs through the launch of Moisture Surge 100 Hour with its unique hydration benefits and target solution for hard-to-solve skin care problem like Even Better Clinical Interrupter.
Clinique showcased its promise for makeup renaissance with stellar double-digit category growth in the fourth quarter with the new Even Better Clinical serum foundation and Even Better concealer capitalizing on its skin care authority.
All told, our robust skin care portfolio from entry prestige to luxury and across subcategories is fulfilling this journey needs around the world.
Dr. Jart+ with its [Inaudible] derma brand positioning and hero products delivered strong double-digit organic sales growth in the second half of fiscal year 2021.
In May, we amplified the strength of our skin care portfolio as we became a majority owner of DECIEM with its coveted ingredient-based brand, The Ordinary, and emerging science-driven NIOD brand as part of its portfolio.
Complementing skin care strength, fragrance delivered striking sequential sales growth acceleration throughout the year.
Each of our luxury and artisanal fragrance brand contributed meaningfully from Jo Malone London to Tom Ford Beauty, Le Labo, Kilian Paris, and Frederic Malle in both established fragrance markets of the West and emerging fragrance market of the East.
Tom Ford Beauty's private blend franchise is both recruiting new consumers and driving strong repeat in markets newly embracing the category, with the brand's drag in sales more than doubling in Mainland China during the year.
The Asia Pacific region was another dynamic growth engine in fiscal year 2021 as annual sales growth accelerated from 18% to 22% led by Mainland China where sales rose strong double digits.
Several smaller markets also contributed to Asia Pacific's strengths.
The region, however, experienced increasing pressure from the pandemic as the year evolves with Japan and many markets in Southeast Asia, particularly impacted from renewed lockdowns in the second half.
Mainland China prospered as we invested in its vibrancy of today, an opportunity of tomorrow.
We entered more cities, reaching 145, expanded our presence in specialty-multi, opened the freestanding doors, and increased our advertising spending.
Skin care and fragrance sales grew strong double digit for the fiscal year.
We are encouraged that the makeup accelerated to double-digit sales growth in the second half.
Our brands delivered excellent results for the key events of Tmall's 11/11 Global Shopping Festival and 6/18 Mid-year Shopping Festival as engaging live streaming generated product discovery for many new consumers.
For the recent 6/18 among Tmall beauty flagship stores, the Estee Lauder brand ranked No.
1 in total beauty, while La Mer ranked first in luxury beauty and Jo Malone London led the fragrance category.
To further capture the market recent online growth opportunity, we are continuing to invest in Tmall and brand.com to expand our capabilities.
Most recently, some brands increased coverage of a different demographic by launching on JD in July.
With international travel largely curtailed, we expanded our investment in the dynamic travel retail development of Hainan highland to serve the Chinese consumers in the best possible way given the island tremendous traffic growth and higher duty-free purchase limits.
Our brands further elevated the in-store and prepaid shopping experiences, delivered ideal merchandising, and leveraged live streaming to drive strong sales growth.
Online strive globally in fiscal year 2021, characterized by strong double-digit sales gain and step change in its power as a growth engine.
We accelerated our consumer-facing digital infrastructure and fulfillment investments.
The challenge is now more than twice as big as it was two years ago and greatly benefit from its diversification as each of brand.com third-party platforms, retail.com and pure-play retailers delivered outstanding performance.
During the year, brand.com came to epitomize the allure of a luxury flagship store for each brands, localized by market and reimagined with our classic high-touch services.
We expanded virtual trainer, live streaming, omnichannel capabilities, and consultations with our expert beauty advisors.
Consumers at all ages explored, replenished, and engaged in an immersive environment of entertainment and community.
Our brands increasingly leveraged the exciting trends in social commerce by integrating with Instagram, WeChat, Snapchat, and others.
Estee Lauder launched on TikTok with the Night Done Right hashtag, driving nearly 12 billion views and the creation of almost 2 million videos.
It challenged use-diverse creators to educate a younger audience on how important is to take care of your skin at night, showcasing Advanced Night Repair.
Clinique zit happens campaigns on TikTok became a viral sensation, highlighting the brand acne solution and spurring the creation of nearly 700,000 videos on the app.
Together, these and other strategic actions delivered exceptional results for brand.com as new consumers, conversion, basket size, repeat, and loyalty members grew considerably.
Beyond the favorable growth rates, the direct relationship we fostered with consumers enabled us to better optimize engagement in-store and online, offering exciting future growth opportunities.
We are investing across all channels of online, collaborating with traditional and pure-play retailers on initiatives to actualize prestige beauty online potential.
We spoke on the last call about having expanded our presence with pure-play retailers, which continued into the fourth quarter, most especially in EMEA.
And as I discussed a few minutes ago, we are expanding our consumer coverage in Mainland China.
For fiscal year 2022, we expect these growth engines of skin care, fragrance, Asia Pacific, travel retail Asia Pacific, and global online to continue to try, owing to our strong repeat purchase rates, sophisticated data analytics, drive consumer acquisitions and retention, high-touch online services, and robust innovation pipeline.
Three compelling skin care innovation recently launched: Estee Lauder new Advanced Night Repair Eye Matrix is focused on lines in every eye zone, while La Mer The Hydrating Infused Emulsion is designed to replenish, strengthen and stabilize skin with healing moisture and has already proven to attract new consumers.
Clinique Smart Clinical Repair Wrinkle Correcting Serum is designed to visibly reduce stubborn lines.
Our Shanghai innovation center is expected to open in the second half of this fiscal year, enriching our capability in product design, formulation, consumer insight, and trend analytics for Chinese and Asian consumers.
Also with the new center, our East to West innovation will benefit, enabling us to create more successes like Estee Lauder Futurist Hydra or Supreme+ Bright and La Mer, The Treatment Lotion.
As the world emerge from the pandemic, we will be the best diversified pure-play in prestige beauty as more engines of growth contribute across categories, geographies, and channels.
Makeup and hair care are poised to gradually reignite as growth engines as our developed markets in the West and brick-and-mortar retail.
Growth in emerging markets is expected to resume over time as vaccination rates increase.
We anticipate the momentum in makeup will build around the world driven by local reopening and increase in socially professional user education, just as we saw in the fourth quarter.
Indeed, makeup started to improve to the end of fiscal year 2021 driven by our hero subcategories of foundation and mascara.
Newness in the category was highly sold, evidenced by the success of MAC Magic Extension mascara, Too Faced lip plumper, Smashbox Halo tinted moisturizer and Bobbi Brown Sheer pressed powder.
Contributing to makeup emerging renaissance, MAC launched MAC The Moment, a campaign linking its makeup products and artists inspire trends to key experiences such as dead night parties, weddings, and back-to-school shopping.
Too Faced expanded into browse in July with a collection that includes an innovative brow gel that add color and texture.
Similar to makeup, hair care is set to benefit from the rise of socially professional user education, as well as salon reopenings.
Aveda, which is now 100% vegan, and Bumble and bumble enter fiscal year 2022 with momentum, owing to desirable innovation and rich consumer engagement from strong online performance globally over the past year.
As makeup and hair care reunite, we expect our engines of growth will gradually diversify by geography and channel, initially driven by developed markets in the West and, over time, by emerging markets.
In the United States, the fourth quarter, we aligned innovation, advertised spending, and in-store activations as consumers returned to stores eager to explore beauty and experience high-touch services.
Across brick-and-mortar from regional and national department stores to specialty-multi and freestanding stores, our business in the United States prospered, most especially in makeup and fragrance, and exceeded our expectations.
As we start our new fiscal year, Bobbi Brown recently debuted in Ulta Beauty.
Several of our brands launched online and in-store with Sephora at Kohl's and Ulta Beauty at Target.
In closing, we leveraged the power of our multiple engines of growth strategy to elevate the company to new heights in fiscal year 2021.
We did this while living our values with the health and well-being of our employees as primary focused and making important progress on our social impact commitment and sustainability goals.
Our success and agility in operating amid the challenges of the past year give us confidence for fiscal year 2022 as we expect volatility and variability from the pandemic to persist for some time to come.
This year, we are celebrating our 75th anniversary as a company and beginning our next 75 years incredibly inspired by the opportunities of tomorrow as the leading global house of prestige beauty with the most talented employees to whom I extend my deepest gratitude.
Navigating through the highly uneven recovery this past year has certainly required greater agility and flexibility, and our teams across the globe rose to the occasion, delivering superb results for the fiscal year while also establishing a stronger foundation for future growth and profitability.
We delivered exceptional net sales growth of 56% in our fourth quarter as we anniversary pandemic-related store closures in the prior-year period.
The inclusion of six weeks of sales from DECIEM added approximately 3 points to growth in the quarter.
Our performance also exceeded the prepandemic levels of the fiscal 2019 fourth quarter by 9% driven by significant sales increases in Mainland China, the skin care and fragrance categories, global online and travel retail in Asia.
All three regions grew and all product categories within each region grew during the quarter.
Net sales in the Americas region rose 86% against the prior-year period with almost no brick-and-mortar retail open.
Throughout the quarter, consumer confidence in the U.S. grew as COVID restrictions abated and people resume shopping in stores again.
Our brands responded with strong programs supporting recovery, new product launches, and animating key brand shopping events like Mother's Day.
Sales in the region remain below fiscal '19 levels for the quarter, reflecting in part the loss of over 900 retail locations that represented nearly $170 million in annual sales.
Additionally, makeup has historically been the largest category in the region, and the category has yet to fully recoup sales lost during the pandemic.
Nevertheless, we are encouraged by the sequential acceleration in North American sales, which has been better than we expected.
Net sales in our Europe, the Middle East, and Africa region increased 65%, with all markets contributing to growth as COVID restrictions eased throughout the quarter.
Global travel retail, which is primarily reported in this region, continued to suffer from a significant drop in international passenger traffic but grew strong double digits in the quarter as comparisons eased and local tourism in China, especially to Hainan, remained robust.
Across developed markets in the region, store traffic has begun to pick up, and retailers have become more comfortable with restocking.
Emerging markets in the region saw strong retail in the quarter driven by locally relevant holiday activation, retailer events, and online performance.
Sales in the region were slightly above fiscal '19 levels for the quarter, primarily due to the resilience of travel retail.
Net sales in the Asia Pacific region rose 30%.
Virtually every country contributed to growth, although the pace of improvement varies widely among the markets, and the resurgence of COVID has slowed a full recovery.
Sales of our products online continued to rise strong double digits in the region driven by the successful 6/18 Shopping Festival Campaign in China and including the continued strength of social e-commerce.
Mainland China continued to experience robust double-digit growth with broad-based improvement across product categories, brands, and channels.
Other markets in the region, including Korea, Hong Kong, and Japan, grew exceptionally against prior-year brick-and-mortar lockdown.
Sales in the region were 50% above 2019 levels, largely reflecting China's rapid emergence from the pandemic last year.
Net sales in all product categories grew sharply this quarter.
And skin care, fragrance, and hair care drove higher sales in fiscal 2019.
Fragrance led growth with net sales rising 150% versus prior year.
Luxury fragrances resonated with consumers looking for self-care and indulgence and among Chinese consumers increasingly attracted to the category.
Home, Bath & Body products have also gained traction during the pandemic and help to attract new consumers.
Jo Malone London saw recovery to prepandemic levels in brick-and-mortar.
And the brand's blossom and brit collections were popular in Asia.
Standouts from Tom Ford Beauty include the recent launch of Tubereuse Nue and the continued strength of Bitter Peach and Rose Prick.
Net sales in makeup jumped 70% against the prior year that reflected the greatest beauty category impact of COVID-19, particularly in Western markets where makeup is the largest category.
The makeup category in prestige beauty has proven to be especially sensitive to brick-and-mortar recovery due to the use of testers and in-store services by consumers.
Estee Lauder saw strong growth of Futurist and double wear foundations in Asia, and MAC liquid lip color and eye products, especially mascara, outperformed.
Hair care net sales grew 52% as salons and stores reopened.
The launch of the Aveda's blonde revival shampoo and conditioner also contributed to category growth, adding to other strong innovation programs over the past several months from Aveda.
Net sales in skin care continued to thrive.
Jart+ brands, particularly in Asia.
Skin care sales growth also benefited from the addition of DECIEM in the quarter by approximately 4 percentage points.
Our gross margin improved 650 basis points compared to the fourth quarter last year.
This favorability reflected significant improvements in obsolescence and manufacturing efficiencies compared to the prior-year impact of COVID-19 on our sales and on our manufacturing locations.
Operating expenses rose 36% driven by the planned increase in advertising and selling costs to support the reopening of retail and the recovery.
Additionally, we sharply curtailed spending last year in response to the onset of the pandemic, and some of these costs were reinstated, primarily compensation.
We delivered operating income of $385 million for the quarter, compared to a $228 million operating loss in the prior-year quarter.
Diluted earnings per share of $0.78 included $0.02 of favorable currency translation and $0.02 dilution from the acquisition of DECIEM.
Our full-year results reflect the benefits of our strategic focus as we leaned into current growth drivers and invested behind future areas of growth while effectively managing both costs and cash.
The sequential acceleration of our business throughout the year culminated in net sales growth of 11%.
The strength of Chinese consumer demand, both at home and in travel retail, the resilience of the skin care and fragrance categories, and the momentum we drove in our online channels all supported our growth.
Our distribution mix continued to evolve even as brick-and-mortar reopened.
Sales of our products through all online channels continue to thrive as they rose 34% for the year and represented 28% of sales.
Despite the continued curtailment of international travel, our business in the travel retail channel grew, ending fiscal 2021 at 29% of sales.
Among brick-and-mortar retail, specialty-multi and perfumeries grew, while department stores and freestanding stores experienced the greatest impact from the ongoing pandemic and declined for the year.
Operating expenses declined 300 basis points to 57.5% of sales.
Selling and store operating costs decreased as high service stores were either closed for part of the year or they reopened with reduced traffic and staffing levels.
Additionally, in-store merchandising costs decreased, while advertising investments, primarily digital media, rose faster than sales to support our brands and the recovery.
We achieved significant savings from our cost initiatives, including Leading Beauty Forward and the preliminary benefits from the post-COVID business acceleration program, and this gave us the flexibility to reinvest in necessary capabilities, absorb some of the inflation in media and logistics costs, as well as support the reinstatement of certain compensation elements that were reduced or frozen due to the onset of the pandemic.
Our full-year operating margin was 18.9%, representing a 420-basis-point improvement over last year and 140 basis points above fiscal 2019.
This year also includes 50 basis points of dilution from the inclusion of Dr. Jart+ and DECIEM.
Our effective tax rate for the year was 18.7%, a decrease of 450 basis points over the prior year, primarily driven by the geographic mix of earnings, which included a favorable one-time adjustment for fiscal years 2019 and 2020 related to recently issued GILTI tax regulations.
Net earnings rose 57% to $2.4 billion and diluted earnings per share increased 57% to $6.45.
Earnings per share includes $0.11 accretion from currency translation and $0.08 dilution from the acquisition of Dr. Jart+ and DECIEM.
In fiscal 2021, we recorded $148 million after tax or $0.40 per share of impairment charges related to our Smashbox and GLAMGLOW brand, as well as certain freestanding retail stores.
Restructuring and other charges related primarily to the post-COVID business acceleration program were $176 million after tax or $0.48 per share.
These charges were more than offset by the one-time gain on our minority interest in DECIEM of $847 million after tax or $2.30 per share.
The Post-COVID Business Acceleration Program is progressing quickly, with projects underway across all regions.
We have closed nearly 500 doors or counters, including about 50 freestanding stores under the program in fiscal 2021.
We also closed approximately 100 additional freestanding stores outside of the program and upon lease expiration, primarily in North America and in Europe.
We realigned our go-to-market organizations to better reflect our evolving channel mix.
We are also winding down certain brands such as BECCA and RODIN.
These actions are expected to continue into fiscal 2022.
For the total program, we continue to expect to take charges of between $400 million and $500 million through fiscal 2022 and generate savings of $300 million to $400 million before tax by fiscal 2023, a portion of which will be reinvested.
We continue to focus on maintaining strong liquidity while also investing for future growth during the year.
Cash generated from operations rose 59% to $3.6 billion, primarily reflecting the higher net earnings.
We utilized $637 million for capital improvement, supporting increased capacity and other supply chain improvements, further e-commerce development, and information technology.
We repaid $750 million of debt outstanding from our revolving credit facility, issued $600 million of new long-term debt, and retired $450 million of debt.
We used $1.1 billion net of cash acquired to increase our ownership interest in DECIEM, and we returned $1.5 billion in cash to stockholders during the year via increased dividends and the reinstatement of share repurchase activity in the second half of the fiscal year.
So looking ahead to fiscal 2022, we are encouraged by the increasing vaccination rates and reopening of markets around the world.
We look forward to the resumption of international travel, increasing foot traffic in brick-and-mortar retail, and the development of our recent acquisitions.
We are still mindful, however, that the recovery has evolved unevenly, and some markets are seeing their third or fourth waves of COVID, including increasing effects of new more contagious strains of the virus hindering a return to normal life.
This has been particularly evident in the U.S. over the past several weeks.
Additionally, increasing climate and geopolitical events make it difficult to predict the corresponding impact on our business.
Nevertheless, given the strength of our programs, we are cautiously optimistic, and therefore, providing a range of sales and earnings per share expectations for the fiscal year, caveated with the following underlying assumptions: progressive recovery in the makeup category as full vaccination rates increase and mask-wearing abates in Western markets during the first half of the fiscal year; beginning of the resumption of international travel in the second half of the fiscal year; the addition of new retail accounts for some of our brands should provide broader access to new consumers, notably through Sephora at Kohl's and Ulta at Target in North America and the addition of JD.com in China online; the inclusion of incremental sales from DECIEM, benefiting sales growth for the fiscal year, primarily in the Americas and EMEA regions and in the skin care category; pricing is expected to add approximately 3 points of growth, helping to offset inflation risk in freight, media, labor and commodities; increased advertising support as markets reopen and further investment behind select capabilities, including data analytics, innovation, technology and sustainability initiatives while maintaining good cost discipline elsewhere.
We forecast increasing benefits from our post-COVID business acceleration program as it ramps up this year.
Approximately $200 million of the cost we cut during the pandemic are expected to be reinstated.
These primarily include hiring, travel and meeting expenses, furloughs, and other leaves of absence and compensation.
In addition to these assumptions, there are a few nonoperating items you should be aware of as you adjust your models.
Our full-year effective tax rate is expected to return to a more normalized level of approximately 23% from 18.7% in fiscal 2021.
Net interest and investment expense is expected to be around $150 million.
The increase is primarily due to the comparison to last year when we recorded the benefit of our minority interest in DECIEM through May 18, 2021.
At that time, we acquired a majority ownership in DECIEM, and we began to fully consolidate the entire business and deduct the portion of the income we don't own as a charge to net earnings attributable to noncontrolling interest.
This charge is expected to be less than $5 million in fiscal 2022.
Net cash flows from operating activities are forecast between $3.2 billion and $3.4 billion.
Capital expenditures are planned at approximately 5% of projected sales as we develop additional manufacturing and distribution capacity, notably for the building of our new facility in Japan.
We also expect to fund more robust research and development capabilities in China and North America, increase investment in technology and support new distribution and e-commerce for our brands.
Our capex plan for the year also includes some spending deferred from last year.
Organic growth adjusts reported sales growth for both currency and changes in structure such as acquisitions, divestitures, and brand closures.
This should help provide a more meaningful understanding of the performance of our comparable business.
Additionally, reflecting the level of volatility still in the environment, we are at this point widening our guidance ranges for the year.
For the full fiscal year, organic net sales are forecasted to grow 9% to 12%.
Based on August 13 spot rates of 1.17 for the euro, 1.381 for the pound, 1,164 for the Korean Won, and 6.479 for the Chinese yuan, we expect currency translation to add 1 point to reported sales growth for the full fiscal year.
As I mentioned earlier, this range excludes approximately 3 points from acquisitions, divestitures, and brand closures, primarily the inclusion of DECIEM.
Diluted earnings per share is expected to range between $7.23 and $7.38 before restructuring and other charges.
This includes approximately $0.19 of accretion from currency translation.
In constant currency, we expect earnings per share to rise by 9% to 12%.
This also includes approximately $0.03 accretion from DECIEM.
At this time, we expect organic sales for our first quarter to rise 11% to 13%.
The incremental sales from acquisitions, divestitures, and brand closures are expected to add about 3 points to reported growth, and currency is expected to be accretive by approximately 3 points.
Operating expenses are expected to rise in the first quarter as we invest in the reopening and recovery of brick-and-mortar retail around the world and some of the temporary cost measures start to ease.
We expect first-quarter earnings per share of $1.55 to $1.65.
Currency is expected to be accretive to earnings per share by $0.05, and DECIEM is forecast to have no impact.
In closing, while we are cautious about the uneven recovery to date, we remain confident about the strategic actions we continue to take to support sustainable, profitable growth post-pandemic and the agility we have demonstrated this past year.

user
sees q1 earnings per share $1.55 to $1.65 excluding items.
strong net sales recovery expected to continue in fiscal 2022.
sees fy 2022 earnings per share $7.23 to $7.38 excluding items.
qtrly adjusted earnings per share $0.78.
q1 organic net sales forecasted to increase between 11% and 13%.
fy reported net sales are forecasted to increase between 13% and 16%.
fy organic net sales forecasted to increase between 9% and 12%.

assistant