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What: Elizabeth Arden (Nasdaq: RDEN) shares rose as much as 11% after the beauty products company reported a generally bullish second-quarter this morning.

So what: Things are looking pretty, oh so pretty, for Elizabeth Arden, which trounced analyst EPS estimates by $0.16 in the second quarter -- $1.20 versus a $1.04 consensus estimate. Oddly, revenue fell just a hair short of expectations, at $405.6 million versus the consensus estimate of $408.1 million. The company cited strong international growth as the main driver for the great quarter, specifically highlighting a double-digit jump in fragrance sales. The company also issued fiscal 2011 revenue guidance, which fell in the middle of the current estimates, while elevating its full-year EPS expectation to a range of $1.40 to $1.50.

Now what: Today has been an all-around victory for beauty supply stocks. Estee Lauder (NYSE: EL) reported a 33% jump in profit while Sally Beauty Holdings (NYSE: SBH) noted a 13% jump in revenue, so Elizabeth Arden's figures shouldn't come as much of a surprise. The concern I have with Elizabeth Arden is that despite its new guidance, it's really hard to justify paying almost 20 times forward earnings for a company that's growing revenue at only 4%. The real wild card will be whether European consumers can continue to buoy the company's sales figures. From a macroeconomic perspective, Europe's economies seem very shaky at best, so more foundation may need to be applied here before Elizabeth Arden can cover up its apparent blemishes.

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Fool contributor Sean Williams does not own shares in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong.

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