More than Double First Quarter Profits Posted by Estee Lauder
One of the world's leading beauty products manufacturers, Estee Lauder has delighted investors and analysts by posting the profits for its fiscal first-quarter which reveal figures which have more than doubled as compared to those posted for the same period last year. High overseas sales have helped the firm surpass its own earnings forecast by a large margin. The company's share rates have also seen a 7% surge and each share was priced at $44 in early trading.
As per figures shared by the company, its profits surged to a whopping $140.7 million, or 71 cents per share for the July-September quarter for the current year, which is more than twice of the earnings reported for the same period last year, which stood at $51.1 million, or 26 cents per share. The reported figures beat estimates made by analysts, which pegged the rate of each share at 34 cents.
In light of the new success, Estee Lauder, which is the owner of world renowned brands like Clinique and Prescriptives, increased its complete year earnings forecast for the current fiscal year by a substantial margin.
Strong sales abroad, new product launches, expansion into Asia and higher sales at retail stores in airports have been credited by Estee Lauder for its success.
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