News Snapshot:
(Reuters) – Estee Lauder Cos Inc on Thursday forecast full-year sales and adjusted profit below estimates, due to a hit from COVID-19-related lockdowns in major market China. The country, which recently eased its zero-covid policy, has seen a spike in cases, and subsequent restrictions have left companies with presence in the country stuck with piles of unsold stock as cautious consumers stay away from crowded shopping districts. Estee also faces pressure from China’s tourism hub Hainan that extended lockdowns in the past week, effecting its brands. The company expects full-year 2023 net sales to increase between 3% and 5%, compared...
