CORRECTED - UPDATE 1-Elizabeth Arden posts surprise quarterly profit

(Corrects Q3 earnings to $40,000, not $40 million; moves operating profit figure to third paragraph; deletes estimate comparison in first bulletpoint)

* Q1 EPS nil

* Sales fell to $265.2 mln from $284.2 mln

* Sees Q2 EPS $0.65-$0.75, sales of $380 mln-$390 mln

* Sees '10 EPS $0.55-$0.65, sales up 2.5 pct-3.5 pct

NEW YORK, Oct 29 (Reuters) - Cosmetics maker Elizabeth Arden Inc (RDEN.O: Quote, Profile, Research) posted a surprising quarterly profit on Thursday, citing improved sales trends at duty-free shops and more favorable foreign currency rates.

The maker of Britney Spears fragrances and Prevage anti-aging cream earned $40,000, or nil per share, in its fiscal first quarter that ended Sept. 30, compared with a year-earlier loss of $12.5 million, or 45 cents per share.

Excluding restructuring and other expenses, earnings were 5 cents per share.

Analysts on average expected a loss of 6 cents per share, according to Thomson Reuters I/B/E/S.