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.