Sales & Earnings In Brief

Estee Lauder proceeds cautiously in 2009: The Estee Lauder Companies is cutting its outlook for sales growth in constant currencies in 2009 to 3%-5% range from 6%-8% range, despite booking $1.9 bil. in net sales for first quarter of fiscal 2009, an increase of 11% over the prior year, firm says Oct. 28. "With the threat of global recession, we are cautious about the pace of our growth for the remainder of the fiscal year," CEO William Lauder says. Firm will tighten its belt in 2009 by reducing expenditures and instituting a hiring freeze "where appropriate," according to Executive VP and CFO Rick Kunes. Such initiatives are expected to result in incremental cost savings of $150 to $200 mil. Sales growth in the quarter was driven by "strong improvements" in skin care and makeup, CEO Lauder noted. Launches including Sensuous in fragrance, Perfectionist in skin care and Turbo Lash in makeup drove revenue in North America. Sales increased sharply in Europe, the Middle East and Asia, firm says