Cosmetics company Estee Lauder says its fiscal third-quarter profit slid 70 percent due to restructuring charges and declining sales, but results managed to beat analysts' estimates.
The company, which is in the midst of a restructuring under a new chief executive, earned $27.2 million, or 14 cents per share. That compares with $90.1 million, or 46 cents per share, in the same quarter a year ago.
Excluding restructuring charges and other items, profit was 16 cents per share in the quarter ended March 31.
Sales slipped 10 percent to $1.7 billion partly on the stronger dollar.
Analysts forecast profit of 5 cents per share on sales of $1.65 billion. Analyst estimates typically exclude special items.