By  on November 1, 2012

NEW YORK — The Estée Lauder Cos. Inc. is making the most of slowing growth in the global prestige beauty market.

The beauty giant bested first-quarter profit expectations, but trimmed back the high end of its annual sales projection as weakness in Europe and South Korea weigh on the overall market. The company said sales would grow by 6 percent to 7 percent in local currencies this year. In August, Lauder said sales would grow 6 percent to 8 percent.

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