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Estee Lauder Forecasts Annual Profit Above Estimates

Estee Lauder projected annual profit above Wall Street estimates on Wednesday. The cosmetics maker is benefiting from strong demand for luxury fragrances and skincare products. Shares rose following the quarterly results.

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An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. REUTERS/Lucy Nicholson

ESTEE LAUDER COMPANIES-CL A forecast annual profit above Wall Street estimates on Wednesday, driven by luxury fragrance demand and recovery in China. Shares rose 18% in early trading after fourth-quarter results topped expectations. The cosmetics maker is betting on its turnaround strategy to sustain growth across premium categories.
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