Estee Lauder Companies. said Wednesday that first-quarter profit dropped 38% and missed Wall Street’s forecast, hurt by sluggish sales of fragrance and skin-care products. The Manhattan-based company saw its shares close down 7.7%, or $2.55, at $30.71. The stock hit a 30-month low of $29.98 earlier in the session. For the most recent quarter, the cosmetics company said net income fell to $58.5 million (26 cents/share) from $95 million (41 cents) a year ago. Earnings from continuing ope...