Lauder Q2 Sales Pummeled By China Closures, US Skin-Care Slowdown
The Estee Lauder Companies, Inc. reported a 17% decline in fiscal 2023 second quarter sales due to pandemic-related closures in China as well as a slowdown in orders of US skin-care products. But the company says both its Chinese and US markets should be “growth drivers” in the second half of the year as markets open up and new innovations kick in.
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Estee Lauder Companies says fiscal 2023 second-quarter sales will decline high double digits due to ongoing COVID-19 restrictions in China, tightening inventory by some US retailers, and a strong US dollar. The firm expects improvement in the back half of the year, but has adjusted full-year guidance.