Shares of the cosmetic, haircare and skincare company The Estée Lauder Companies (NYSE:EL) have dropped after the release of its most recent quarterly results.

Net sales grew 18% compared to the previous year’s third quarter, from $2.86 billion to $3.37 billion.

The company’s President and Chief Executive Officer, Fabrizio Freda has said that many areas of the company’s businesses helped to “[contribute] to [its] strong first-half results.”

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The company is also raising its full-year sales growth forecast for 2018 to be between 11% and 12%, while net sales are also predicted to increase by 15% to 16%.

Freda states that Estée Lauder’s “performance this quarter reflected robust global demand across [its] portfolio, with virtually all [its] brands posting sales growth.”

Although the company showed growth across most of its brands, sales in the Americas were relatively flat.

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Sales decreased across several brands which the company attributes to a decline in retail traffic at several stores across the US.

Operating income for the Americas also decreased and is reflected by Estée Lauder’s “higher digital and social media investments and additional support spending behind new and existing products.”

Estée Lauder owns almost 30 popular brands in the beauty industry such as the fragrance company Jo Malone London, makeup brands Too Faced and MAC, skincare brands Origins and Glamglow and the haircare brand Bumble and bumble.

The company also has several high-end luxury brands in their portfolio such as La Mer, Tom Ford and Michael Kors Beauty and Fragrances.

Shares of Estée Lauder dropped more than 5% on Wednesday after the reports were released.

Shares of the company continue to fall and have already dropped to a low of $133.66, which is the lowest share value the company has seen since February of 2018.

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