Estee Lauder sinks after dour 2023 view on slow Asia travel retail
by Ananya Mariam Rajesh
Slower-than-expected recovery in Asia travel retail and major market China for the latest round of cut to its annual forecasts.
U.S. retailers tightening inventories of its products but posted a 6% rise in organic net sales in Americas, signaling steady demand for its Jo Malone fragrances and Bobbi Brown foundations.
Estee expects full-year 2023 net sales to fall between 10% and 12%, compared to its prior forecast of a 5% and 7% decrease.
It also forecast adjusted profit per share to fall between 50% and 51%, compared with a decrease between 27% and 29% it expected earlier.
Source: Reuters
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