Estee Lauder up on sales boom
Estee Lauder shares surged as much as 12pc after it boosted its full-year profit outlook on booming skincare sales in Asia, overcoming concerns about a slowing Chinese economy and a trade war with the US.
It now sees full-year adjusted earnings per share of $4.92 to $5, up from a previous range of $4.73 to $4.82. That's higher than the average estimate from analysts.
Estee Lauder said it generated "double-digit sales net sales growth in virtually every major product category and channel" in the region. Shares rose 9.4pc to $149 in New York premarket trading.