There was nothing good about Estee Lauder’s quarterly earnings report

Shares of Estee Lauder (EL) plummeted on Wednesday after the cosmetics company delivered mixed fiscal first quarter and slashed its guidance — the latter of which forces us to question management’s credibility. Revenue fell 10% year over year to $3.52 billion, missing the Street’s consensus estimate of $3.53 billion, according to LSEG. Sales were down nearly 11% on an organic basis. Adjusted earnings-per-share (EPS) cratered 92% to 11 cents, but still beat the loss of 20 cents expected by analysts. Bottom line The quarterly numbers really don’t matter. We were expecting a bad quarter, but we were led to believe…