By Sruthi Ramakrishnan
(Reuters) - Estee Lauder Cos Inc
The company's shares were up 7.6 percent at $78.09 in early trading.
Estee Lauder, however, said sales would fall more than it had forecast in the year ending June 30, hurt by a stronger dollar and slowing growth in Hong Kong and China.
Raymond James analyst Joseph Altobello said the forecast cut was anticipated because of the impact from a stronger dollar. "We continue to view it as an interesting secular growth story with manageable near-term headwinds," he said.
The rise of the dollar over the past nine months has reduced the value of overseas sales for many companies including Johnson & Johnson
The maker of M.A.C., Bobbi Brown and Estee Lauder cosmetics gets about 60 percent of its net sales from outside the Americas.
Up to Wednesday, the dollar <.DXY> had risen 17.8 percent against major currencies since June 30, 2014.
Estee Lauder said it now expected adjusted earnings of $2.93-$3.01 per share on net sales decline of up to 2 percent for the full year.
It had earlier forecast adjusted earnings of $3.03-$3.11 per share and sales to be flat or down 1 percent.
Smaller rival Coty Inc
Estee Lauder said net income attributable to the company rose almost 1 percent to $435.7 million, or $1.13 per share, in the second quarter ended Dec. 31.
Net sales rose 1 percent to $3.04 billion
Analysts on average had expected revenue of $3.01 billion, according to Thomson Reuters I/B/E/S.
Coty's shares rose as much as 11.5 percent to a record high of $21.10 on the New York Stock Exchange. Shares of rival Elizabeth Arden Inc
(Editing by Savio D'Souza and Don Sebastian)
