Cosmetics giant Estee Lauder has blamed restructuring work and other charges for a 27% drop in quarterly profit.
Reporting its results for its fourth quarter to 30 June, the US group saw net profits dip to $49m (£26m) from $67m for the same period last year.
Sales for the quarter were up 5% to $1.60bn from $1.53bn a year earlier.
Estee Lauder also warned that it expected disappointing results from its ongoing first quarter due in part to heavier marketing spending.
Yet the company said it remained optimistic for the whole of its current financial year, citing increased demand for skin care products by the over-50s "baby boomer" generation.
Brands owned by the company include Clinique, Aveda, M-A-C and Bobbi Brown.
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