Estee Lauder’s quarterly sales top estimates 

Cosmetics maker Estee Lauder forecast first-quarter profit below Wall Street expectations on Monday, hurt by a stronger dollar and a drop in customer traffic at retail stores.

The Jo Malone London fragrance maker said it expects earnings of $1.18 to $1.22 per share, compared with the analysts’ average estimate of $1.32, according to Thomson Reuters I/B/E/S.

Shares of the New York-based company fell 2.9 percent to $132.50 in premarket trading.

The company, however, posted fourth-quarter sales and profit that beat estimates due to higher sales of Estee Lauder makeup and Clinique and La Mer skincare.

Net earnings attributable to the company fell to $186 million or 49 cents per share in the quarter ended June 30 from $229 million or 61 cents per share, a year earlier.

The New York City-based company’s net sales rose 13.8 percent to $3.3 billion, beating the average analyst estimate of $3.25 billion, according to Thomson Reuters I/B/E/S.

Excluding items, the company earned 61 cents per share, beating the average analyst estimate of 56 cents per share, according to Thomson Reuters I/B/E/S.