Feb 5 (Reuters) – Cosmetics maker Estee Lauder raised its annual profit forecast on Thursday, betting on improving China sales and benefits from CEO Stephane de La Faverie’s turnaround plans.
The Clinique and M.A.C owner has been banking on resilient demand for prestige categories such as fragrances and skincare from its affluent and younger customer base, who are often on the lookout for trendy items.
Shares of the company were down about 2% premarket.
The company expects full-year adjusted earnings per share to be in the range of $2.05 to $2.25, compared with its previous forecast of $1.90 to $2.10 per share.
Estee Lauder also raised the lower end of its full-year net sales growth forecast to 3% from 2%, while keeping the upper end unchanged at 5%.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Leroy Leo)
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