CORRECTED - UPDATE 1-Elizabeth Arden posts surprise quarterly profit

(Corrects Q3 earnings to $40,000, not $40 million; moves operating profit figure to third paragraph; deletes estimate comparison in first bulletpoint)

* Q1 EPS nil

* Sales fell to $265.2 mln from $284.2 mln

* Sees Q2 EPS $0.65-$0.75, sales of $380 mln-$390 mln

* Sees '10 EPS $0.55-$0.65, sales up 2.5 pct-3.5 pct

NEW YORK, Oct 29 (Reuters) - Cosmetics maker Elizabeth Arden Inc (RDEN.O) posted a surprising quarterly profit on Thursday, citing improved sales trends at duty-free shops and more favorable foreign currency rates.

The maker of Britney Spears fragrances and Prevage anti-aging cream earned $40,000, or nil per share, in its fiscal first quarter that ended Sept. 30, compared with a year-earlier loss of $12.5 million, or 45 cents per share.

Excluding restructuring and other expenses, earnings were 5 cents per share.

Analysts on average expected a loss of 6 cents per share, according to Thomson Reuters I/B/E/S.

Sales fell to $265.2 million from $284.2 million a year earlier.

The company forecast second-quarter earnings of 65 cents to 75 cents per share and net sales of $380 million to $390 million.

For the full fiscal year, Elizabeth Arden said it expects earnings of 55 cents to 65 cents per share on net sales expected to rise 2.5 percent to 3.5 percent. (Reporting by Martinne Geller, editing by Maureen Bavdek)