Estée Lauder (NYSE: EL) reported Q1 EPS of $0.59, $0.04 better than the analyst estimate of $0.55. Revenue for the quarter came in at $2.63 billion versus the consensus estimate of $2.62 billion.

In the fiscal 2014 fourth quarter, some retailers accelerated sales orders in advance of the Company’s July 2014 implementation of its Strategic Modernization Initiative (SMI) in certain of its largest remaining locations of approximately $178 million. These orders would have occurred in the Company’s fiscal 2015 first quarter. This amounted to approximately $127 million in operating income, equal to approximately $.21 per diluted common share. Adjusting for the impact of the accelerated orders, net sales in constant currency and diluted earnings per share for the three months ended September 30, 2014 each would have increased 5%.

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