NEW YORK, United States — Estée Lauder Cos Inc. beat Wall Street estimates for first-quarter sales and raised its fiscal year profit outlook on Wednesday, helped by higher demand for luxury skincare brands La Mer and MAC Cosmetics in Asia.
Shares of the company were up nearly 3 percent at $135 in early trading.
Emerging markets, global online and travel retail channels and other brands like Tom Ford and Origins, fuelled a strong quarter, the company said.
Estée Lauder said it now expects earnings for its fiscal year of $4.73 to $4.82 per share, excluding restructuring and other charges, above its prior forecast of $4.62 to $4.71. Analysts on average had estimated earnings of $4.75 per share.
Net income attributable to the company rose to $500 million, or $1.34 per share, in the quarter ended September 30, from $427 million, or $1.14 per share, a year earlier.
Net sales rose nearly 8 percent to $3.52 billion, beating the average analyst estimate of $3.47 billion, according to Refinitiv data.
By Jaslein Mahil; editor: Arun Koyyur