Estee Lauder (EL) posted stronger-than-expected earnings for its fiscal first quarter and said boosted its full-year profit guidance amid booming demand for its skincare products and solid sales in China. 

Estee Lauder said adjusted earnings for the three months ending in September came in at $1.47 per share, topping the consensus forecast of $1.22 and rising 24% from the same period last year. Group sales, the luxury goodsmaker said, were pegged at $3.52 billion, again ahead of the Street forecast of $3.42 billion. Full fiscal year sales are expected to rise between 4% and 5%, the company said, allowing earnings to hit a range of between $4.50 and $4.53 per share.

"Our fiscal year is off to an excellent start. Our sales and earnings per share grew double digits, reflecting multiple engines of global growth throughout our product categories, brands, regions and channels," said CEO Fabrizio Freda. "Our creative innovations and high-quality products resonated strongly. We attracted new consumers and increased engagement with existing ones through successful digital advertising and influencer activities."

Estee Lauder shares were marked 9.9% higher at the opening bell Wednesday to change hands at $144.42 each, a move that would extend the stock's year-to-date advance to around 14% and value the New York, NY based group at just over $55 billion.

The better-than-expected forecasts comes just hours after L'Oreal SA  (LRLCY) , the Paris-based luxury goods maker partly owned by Nestle SA (NSRGY) , said solid China demand for its Yves St. Laurent and Armani brands lifted sales over its fiscal third quarter to €6.47 billion, up 6.2% from the same period last year and firmly ahead of analysts' estimates. 

L'Oreal shares traded at the top of the European market for much of the morning Wednesday, rising 6.6% to €198.65 each, taking its year-to-date advance past 7.3%.