Estée Lauder cuts earnings forecast due to Covid restrictions in China and Ukraine crisis


Source: receive.news receive.news

Key Topics in this News Article:

News Snapshot:

“. concat(self. i18n. t(‘search. voice. recognition_retry’), “ By Ananya Mariam Rajesh (Reuters) – Estee Lauder Cos Inc cut its full-year profit forecast on Tuesday as new COVID-19 slows china and the suspension of operations in Russia following the tycoons’ invasion of sales in Ukraine, sending shares of the luxury cosmetics maker tumbling 8 percent. Restrictions in China, a major expansion market for luxury goods makers, slowed the recovery in demand for cosmetics after a pandemic-induced crisis, prompting skincare maker Clinique to miss third-quarter sales estimates. Estee Lauder’s Asia-Pacific sales fell for the first time in just two years, as restrictions...