Lauder Lowers FY23 Outlook On ‘Temporary Pause’ In China, Tightening Of US Inventory

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.

2023_Sales

The Estee Lauder Companies, Inc. is lowering its fiscal year 2023 sales projections due to the impacts of COVID-19 restrictions in China travel retail, the tightening of inventory by some US retailers and the “far stronger” US dollar relative to other currencies, said President and CEO Fabrizio Freda in a 2 November earnings presentation.

The New York-based cosmetics giant recorded net sales of $3.93bn in its 2023 first quarter ended on 30 September, a...

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