Pursuits
Arden, Estee Lauder Decline After Missing Forecasts
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Elizabeth Arden Inc. and Estee Lauder Cos. dropped in U.S. trading after reporting preliminary second-quarter earnings that declined more than their forecasts and analysts’ estimates as consumers cut spending on cosmetics.
Estee Lauder, the maker of Clinique and Bobbi Brown cosmetics, said net income fell to 75 cents to 82 cents a share. Miramar, Florida-based Elizabeth Arden said per-share earnings in the quarter ended Dec. 31 dropped to 57 cents to 61 cents.