Greater than three years after the worldwide COVID-19 pandemic began, the Estée Lauder Cos. continues to be reeling from its impact.
The wonder giant and latest owner of Tom Ford has once more slashed its full-year forecasts for each the highest and bottom lines attributable to a slower-than-expected recovery in travel retail in Asia, its executive team revealed Wednesday, causing the corporate’s share price to tumble around 18 percent to $202.70.
The lowered forecast comes despite an easing in lockdowns in mainland China, with sales within the region returning to growth within the third quarter.
Lauder’s overall net sales for the total yr are actually forecast to diminish between 10 percent and 12 percent, greater than the previously expected 5 percent to 7...
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