Reuters

(Reuters)

Estee Lauder Sees 24% Drop in Quarterly Profit

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U.S. cosmetics company Estee Lauder Cos Inc reported a 24 percent fall in first-quarter profit, hurt by lower sales as some retailers advanced orders in the fourth quarter ahead of a planned technology upgrade.

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Net income attributable to Estee Lauder fell to $228.1 million, or 59 cents per share, in the first quarter ended Sept. 30, from $300.7 million, or 76 cents per share, a year earlier.

Net sales fell 1.6 percent to $2.63 billion, hurt in part by a strong dollar. (Reporting by Shailaja Sharma in Bangalore; Editing by Maju Samuel)