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UPDATE 1-Estee Lauder raises outlook on better sales growth
January 20, 2010 / 11:58 PM / 8 years ago

UPDATE 1-Estee Lauder raises outlook on better sales growth

* Sees Q2 EPS $1.23 to $1.30

* Sees sales growth 10 percent to 11 percent.

SAN FRANCISCO, Jan 20 (Reuters) - Estee Lauder Companies Inc (EL.N) said on Wednesday it now expects second-quarter earnings and sales to beat its earlier estimates, due to strong growth in Asia and a better-than-expected holiday season in the United States.

Earnings are now expected to range between $1.23 to $1.30 per share, with sales growth between 10 percent and 11 percent.

It said charges associated with restructuring would be “minimal,” but said it plans to include impairment charges in second quarter results associated with two underperforming business units.

Estee Lauder cited stronger net sales, and tempered spending by the company and more favorable foreign currency exchange rates.

In October, the company said second-quarter sales would be flat to up 3 percent in constant currency, with earnings of 80 to 87 cents per share before restructuring charges.

Shares of Estee Lauder closed at $49.04, down nearly 2 percent, on the New York Stock Exchange. (Reporting by Alexandria Sage; editing by Carol Bishopric)

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