12.05.14
The new fiscal year is off to a rough start for The Estée Lauder Companies, which reported a 24% decline in first-quarter profit, hurt by lower sales as some retailers advanced orders in the fourth quarter ahead of a planned technology upgrade.
Net income attributable to Estée Lauder fell to $228.1 million in the first quarter ended Sept. 30, 2014. Net sales fell 1.6% to $2.63 billion, hurt in part by a strong dollar and weakness in Asia.
Skin care sales fell 7% to $1.09 billion, but makeup sales increased 2% to more than $1 billion; fragrance and hair care sales increased 3% to $377 million and $128 million, respectively and the “other” category rose nearly 11% to $12.8 million.
The results beat Wall Street estimates, but Lauder still cut its guidance for the year.
Net income attributable to Estée Lauder fell to $228.1 million in the first quarter ended Sept. 30, 2014. Net sales fell 1.6% to $2.63 billion, hurt in part by a strong dollar and weakness in Asia.
Skin care sales fell 7% to $1.09 billion, but makeup sales increased 2% to more than $1 billion; fragrance and hair care sales increased 3% to $377 million and $128 million, respectively and the “other” category rose nearly 11% to $12.8 million.
The results beat Wall Street estimates, but Lauder still cut its guidance for the year.