Estee Lauder falls 12% after lowering full-year outlook on Asia headwinds
In the first quarter, Estee Lauder reported adjusted earnings per share of 11 cents, marking a substantial decrease compared to the previous year's $1.37. Analysts were looking for a loss per share of 21 cents.
Fabrizio Freda, President and Chief Executive Officer said, “In the context of a quarter which we anticipated to be challenging, we delivered our organic sales outlook and exceeded expectations for profitability. Momentum continued in many developed and emerging markets around the world, where our organic sales grew strongly and we realized prestige beauty share gains.”
In the second quarter, Estee Lauder expects adjusted EPS to be in the range of 48 cents to 58 cents, significantly below the consensus of $1.25. The company also forecasts a decline in net sales, with a range of -9% to -11%.
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