Cosmetics maker Estee Lauder reported lower-than-expected quarterly profit on Thursday and forecast earnings for the current quarter and fiscal year well below Wall Street estimates.
Estee Lauder shares slipped $2.77, or 6.42 percent, at $40.38 in Thursday morning trade on the New York Stock Exchange.
Net income in the fiscal fourth quarter ended June 30 nearly doubled to $88.6 million, or 45 cents per share, but fell short of analysts' average forecast of 50 cents per share, according to Reuters Estimates.
In the year-earlier quarter, Estee Lauder earned $44.5 million, or 21 cents per share, including a charge of 28 cents per share on cost-saving initiatives and a tax-related matter.
Fourth-quarter sales rose 10 percent to $1.76 billion, boosted by higher sales in Europe and Asia, and in its hair-care, perfumes, makeup and skin-care businesses.