Estee Lauder Posts Profit on Sales Overseas
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Estee Lauder Cos. had a fiscal fourth-quarter profit as the decline in the U.S. dollar boosted overseas sales. The firm said profit next year might be lower than some analyst forecasts, sending the shares down 5%.
Net income was $53 million, or 20 cents a share, compared with a net loss of $25.4 million, or 13 cents, a year earlier, when the company had costs related to job cuts. Sales in the quarter rose 8.3% to $1.22 billion, New York-based Estee Lauder said.
Estee Lauder expects earnings will rise to $1.45 to $1.50 a share for the new fiscal year. Analysts surveyed by Thomson First Call on average forecast profit of $1.50.
Shares of Estee Lauder fell $1.71 to $35.45 on the NYSE.
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