Estee Lauder Expects First-Quarter Results to Top Forecast
The New York-based company also said it expects to raise its per-share profit forecast, excluding items, for the year ending June 30 when it reports first-quarter results Oct. 30. It didn’t quantify the upside.
In August, Estee Lauder (EL 42.32, +0.41, +0.98%), which also owns other brands including Clinique and Bobbi Brown, projected a first-quarter profit excluding items of 23 cents to 30 cents a share and full-year earnings of $1.55 to $1.70 a share.
Analysts, on average, expected the company to earn 25 cents a share in the first quarter and $1.69 a share for the year, according to FactSet Research.
Demand in the first quarter was helped by growth in Asia, new-product launches and its travel retail business, the company said.
