ESTEE Lauder reported higher sales yesterday, led by gains in its luxury products such as La Mer skin cream, that helped it overcome softness in South Korea and southern Europe, and the beauty group maintained its full year sales forecast.
Lauder, known for its namesake brand as well MAC, reported net income of $300.7m (£187.5m) or 76 cents a share, for the first quarter ended 30 September, unchanged from last year.
Sales in the quarter grew five per cent to $2.675bn. Estee Lauder still expects sales for the current fiscal year to be up six per cent to eight per cent.
Sales in the Americas region rose 1.7 per cent to $1.2bn, while emerging markets in the Asia-Pacific area also lifted revenues, with the region posting a 7.2 per cent rise in sales.
Europe, the Middle East & Africa – a region that has been struggling in recent results – experienced an eight per cent rise in sales.
Skincare sales, the biggest contributor to the top line, rose 5.2 per cent to $1.17bn.
The company also raised its quarterly dividend 11 per cent to 20 cents per share from 18 cents.
City A.M. Reporter