Estee Lauder on Wednesday (May 3) forecast a bigger drop in full-year sales and profit, disappointing the Wall Street that was expecting better results on rebounding travel retail after COVID-19 restrictions eased globally and in China. Shares of the company fell about 16 per cent in premarket trade after
Estee Lauder on Wednesday forecast a bigger drop in full-year sales and profit, disappointing the Wall Street that was expecting better results on rebounding travel retail after COVID-19 restrictions eased globally and in China.
In contrast, European peers LVMH and L'Oreal saw a rise in first-quarter sales, boosted by a rebound in demand in the Chinese region. Estee said while major shopping districts such as Hainan and Korea saw more traffic, the conversion of travelers to consumers in luxury beauty lagged. The MAC lipstick maker's sales had also witnessed an impact in earlier quarters from US retailers tightening inventories of its products, but posted a 6 per cent rise in organic net sales in Americas, signaling steady demand for its Jo Malone fragrances and Bobbi Brown foundations.
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