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http://finance.yahoo.com/news/est-e-lauder-fourth-quarter-13333
http://finance.yahoo.com/news/est-e-lauder-fourth-quarter-13333
(Reuters) - Estée Lauder Cos Inc (EL) gave a profit forecast that
disappointed Wall Street on Friday and flagged concerns about a potential
slowdown of China's economy, a market that has helped fuel the high-end
beauty company's sales.
The red flags overshadowed large gains in sales of its skin-care products
last quarter at U.S. department stores that helped mitigate declines in
France and elsewhere in Europe, which the company called a "soft market."
Estee Lauder said in a statement it is "cautious of macroeconomic factors
that could slow the growth trend of the Chinese economy."
Net sales rose 3.8 percent to $2.25 billion in the third quarter. For the
current quarter, Estee Lauder expects net sales to rise 10 percent to 11
percent in constant currency terms.
Despite the expectations of continued sales gains, Estée Lauder's current-
quarter adjusted profit forecast of between 11 and 16 cents per share missed
the 20 cents analysts were projecting, according to Thomson Reuters I/B/E/S.
The company's shares fell 3.8 percent to $61.70 in premarket trading.
Estée Lauder said it plans to ramp up its advertising expenses to support
new product launches. In February, the company also gave a forecast that
came in below analyst expectations, largely to a spike in ad spending.
The company's torrid growth at home and abroad in the last year sent shares
to a 52-week high last week, setting them up for a drop at even a small sign
of trouble, one analyst said.
"There is a lot a momentum priced into the stock," said Erin Lash, an
analyst with Morningstar.
Estée Lauder's shares are trading at a price to forward earnings ratio of
28.5, making them expensive compared to shares of Elizabeth Arden (RDEN) and
Revlon (REV), at 18.6 and 11.27 respectively.
The sales gains in the third quarter were led by Estee Lauder's skin care
products, which include La Mer and Clinique moisturizers and were far above
those of fragrances, makeup and hair care, categories that account for just
over half of its revenue.
Estee Lauder's products benefited from a "high single digit" percentage jump
in sales at U.S. department stores which include high-end chains Saks Inc (
SKS) and Macy's Inc's (M) Bloomingdale's.
The maker of Bobbi Brown, MAC and other cosmetics, reported net profit rose
4.6 percent to $130.4 million, or 33 cents a share, in the third quarter
ended March 31, up from $124.7 million, or 31 cents a share, a year earlier.
Excluding one-time items, Estée Lauder earned 38 cents per share, beating
Wall Street analysts' estimates by 5 cents. The company raised its full year
adjusted earnings per share forecast to a range of $2.21 to $2.26 from an
earlier $2.16 to$2.23.
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http://finance.yahoo.com/news/est-e-lauder-fourth-quarter-13333
(Reuters) - Estée Lauder Cos Inc (EL) gave a profit forecast that
disappointed Wall Street on Friday and flagged concerns about a potential
slowdown of China's economy, a market that has helped fuel the high-end
beauty company's sales.
The red flags overshadowed large gains in sales of its skin-care products
last quarter at U.S. department stores that helped mitigate declines in
France and elsewhere in Europe, which the company called a "soft market."
Estee Lauder said in a statement it is "cautious of macroeconomic factors
that could slow the growth trend of the Chinese economy."
Net sales rose 3.8 percent to $2.25 billion in the third quarter. For the
current quarter, Estee Lauder expects net sales to rise 10 percent to 11
percent in constant currency terms.
Despite the expectations of continued sales gains, Estée Lauder's current-
quarter adjusted profit forecast of between 11 and 16 cents per share missed
the 20 cents analysts were projecting, according to Thomson Reuters I/B/E/S.
The company's shares fell 3.8 percent to $61.70 in premarket trading.
Estée Lauder said it plans to ramp up its advertising expenses to support
new product launches. In February, the company also gave a forecast that
came in below analyst expectations, largely to a spike in ad spending.
The company's torrid growth at home and abroad in the last year sent shares
to a 52-week high last week, setting them up for a drop at even a small sign
of trouble, one analyst said.
"There is a lot a momentum priced into the stock," said Erin Lash, an
analyst with Morningstar.
Estée Lauder's shares are trading at a price to forward earnings ratio of
28.5, making them expensive compared to shares of Elizabeth Arden (RDEN) and
Revlon (REV), at 18.6 and 11.27 respectively.
The sales gains in the third quarter were led by Estee Lauder's skin care
products, which include La Mer and Clinique moisturizers and were far above
those of fragrances, makeup and hair care, categories that account for just
over half of its revenue.
Estee Lauder's products benefited from a "high single digit" percentage jump
in sales at U.S. department stores which include high-end chains Saks Inc (
SKS) and Macy's Inc's (M) Bloomingdale's.
The maker of Bobbi Brown, MAC and other cosmetics, reported net profit rose
4.6 percent to $130.4 million, or 33 cents a share, in the third quarter
ended March 31, up from $124.7 million, or 31 cents a share, a year earlier.
Excluding one-time items, Estée Lauder earned 38 cents per share, beating
Wall Street analysts' estimates by 5 cents. The company raised its full year
adjusted earnings per share forecast to a range of $2.21 to $2.26 from an
earlier $2.16 to$2.23.
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