The American cosmetics manufacturer Estée Lauder is positive about its financial expectations in the current broken fiscal year, after strong performance in the past quarter. More products were sold in Asia in particular. The demand for luxury cosmetics, such as night creams, also remained strong in China.
“We had foreseen a gradual moderation of growth in China and travel retail in the quarter, which did not happen,” said CEO Fabrizio Freda.
The company now expects earnings to be higher than previously announced. It is not the first time that expectations have been raised.
Turnover in the third quarter ended at the end of March increased by 11 percent on an annual basis to more than $ 3.7 billion. Net profit rose to $ 555 million, compared to $ 372 million a year earlier. The forecast for adjusted earnings per share throughout the year is now between $ 5.15 and $ 5.19.
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