Estee Lauder's (EL) stock tumbled on Wednesday as the company lowered its expectations for sales in 2023.
Adjusted earnings per share for the company's fiscal third quarter fell 75% from the same period last year while net sales lagged 12%. Slower-than-expected Asia travel recovery weighed on growth, according to Estee Lauder management.
[...] The sales declines contrast the results of others operating in Asia and the makeup industry as a whole.
— (With apologies, this is last week's news.) Read more in Estee Lauder stock tanks as company cuts sales outlook at Yahoo Finance. More recent-ish sales news: Coty's fragrances sweeten profit forecast after strong beat at Reuters, LVMH revenues top €21 billion in Q1 2023 at Cosmetics Business, Latest quarterly earnings paint a cautious picture for the beauty industry at Glossy, Net Sales Reach Record High of $312 Million for Inter Parfums, Inc. in Q1 2023 at Happi.
Interesting and thank you for posting this! Firmenich, Symrise, etc are having some legal troubles in the European Union for price fixing and the term cartel is also being used in the one article I read.
Yes, they are in trouble. And there were a bunch of articles about their recent finances but thought this was enough links for now 🙂