Estee Lauder Cos Inc reported higher sales on Thursday, led by gains in its luxury products such as La Mer skin cream, that helped it overcome softness in South Korea and Southern Europe, and the beauty group maintained its full year sales forecast.
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Lauder, known for its namesake brand as well MAC, reported net income of $300.7 million, or 76 cents a share, for the first quarter ended Sept. 30, unchanged from last year.
Sales in the quarter grew 5 percent to $2.675 billion. Estee Lauder still expects sales for the current fiscal year to be up 6 percent to 8 percent.