International brand Estee Lauder Cos. Inc. have reported excellent first quarter results, that more than doubled those of last year.
Earnings attributable to Estee Lauder for the period ending March 31 jumped to $124.7 million, up from $57.5 million the same time last year. Sales rose 16.4 per cent to $2.17 billion from $1.86 billion, while shares went up to 62 cents per diluted share from 28 cents a year ago.
According to president and CEO Fabrizio Freda, Our broad and well differentiated portfolio of brands, product categories and geographies gives us the flexibility to take advantage of opportunities in stronger environments to compensate for challenges that may arise in other areas of the world.”
The positive results have lead the firm to raise guidance for fiscal year 2011, and the company now expects earnings, after restructuring costs, of between $3.32 and $3.46 a diluted share.