(Reuters)-
Este Lauder Cos Inc. raised its annual profit forecast after quarterly results surpassed Tuesday's expectations as China's economy grew strongly and looked at luxury skincare products
3% to 7-month high.
Sales in Asia
The Pacific region grew by 17% to exceed $1 billion for the first time, and the company has benefited from its efforts to expand its business in the international market.
Fabrizio Frieda said in a statement
While China's economy faces potential risks, including higher tariffs, demand for its luxury beauty products remains strong, according to the report.
"So far, we have not seen the impact, and for the long term
Speaking of the area where the company has recorded twice as much, Freda said: "In China, the health and resilience of prestige beauty is the term
Sales have increased in numbers.
In China, the company partnered with local celebrities such as Yang Mi and Feifei Sun to sell on Alibaba's online market Tmall, while also using Chinese social media channels to attract Chinese consumers.
"EL's market share in China continues to grow, especially in e-commerce.
Business now accounts for more than one-
Dara Mohsenian, equity analyst at Morgan Stanley, said.
Sales of the company's skincare business-its biggest -
The quarter grew 16% to $1. 73 billion.
Overall, net sales rose 7% to $4.
1 billion, also exceeded analysts' average expectations of $3.
92 billion, according to the data of Refinitiv IBES.
Linda Bolton wither, an analyst at DA Davidson, said, "despite the weakness in the US and the UK, their organic sales have increased by 11%, which is particularly impressive.
In the second quarter ended December, net income attributable to the company quadrupled to $0. 573 billion.
31, 2018, from a year ago, when the company had a taxrelated charge.
On an adjusted basis, the company made $1.
$74 per share, more than an estimate of $1.
55 per share according to Refinitiv data.
In fiscal 2019, the company expects adjusted profits in fiscal 2019 to be between $4.
$92 and $5 per share, previously projected at $4. 73 and $4. 82.
Excluding projects, it expects annual sales to grow by 8% to 9%, compared to 7% to 8% previously released.
Shares in New York City
Headquartered in 13.
Morning trade was $ 10%, or $154.
