Estee Lauder tops forecasts

Cosmetics maker Estee Lauder forecast full-year profit ahead of analysts’ estimates and posted higher-thanexpected quarterly results, driven by strong demand for its brands such as M.A.C, Tom Ford and Smashbox.

Estee Lauder’s shares rose nearly five per cent to $103.00 before the bell on Friday. The company said it expects fullyear net sales to rise between eight per cent and nine per cent. Estee Lauder also said it expected 2018 adjusted profit of $3.87-$3.94 per share. Analysts had estimated full-year profit to be $3.79 per share, according to Thomson Reuters. Sales in the company’s makeup unit rose 16 per cent to $1.31 billion. The business accounts for over 44 per cent of total sales.