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Estee Lauder ups full-year guidance

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Date: Tuesday 06 May 2008

LONDON (ShareCast) - Shares in Estee Lauder were in demand after the cosmetics company lifted its full-year earnings per share forecast range from $2.28 - $2.40 to $2.34 - $2.40.

The Clinique and M.A.C. cosmetics maker also reported a 4% drop in third-quarter profits due to slowing US department-store sales.

Profit fell to $90.1m in the three month ended 31 March from $93.9m last time. Revenue increased 11% to $1.88bn, helped by the weak dollar. Excluding currency benefits, sales rose 7%.

Sales in the US were only up by 2.8% to $880.9m, helped by demand in Canada, while sales in Europe, Middle East and Africa rose 17%.

“One of the great strengths of our company is our geographic and product category balance,” said chief executive William Lauder.

“This was clearly visible in our results this quarter, which enabled us to deliver solid sales growth despite the softness in the US retail environment,” he added.