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Estee Lauder's net down; will sell Jane cosmetics.

* Cosmetics maker Estee Lauder Cos. Inc. said quarterly net profit fell 12.7%, though strong travel retail business helped profit from continuing operations beat estimates. During the quarter, Estee Lauder announced that it would sell Jane, its mass market line of cosmetics. The New York-based firm posted a profit of nearly $96 million in the second quarter ended Dec. 31, 2003, compared with $109.6 million a year ago. Net sales climbed 15% to $1.62 billion. Excluding the effect of foreign currency, sales rose 9%.

For fiscal 2004, the company said it expects sales to rise 10-12%. Excluding foreign currency translation, sales are expected to grow 7-8%.
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Title Annotation:As We Go To Press
Publication:Household & Personal Products Industry
Geographic Code:1USA
Date:Feb 1, 2004
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