Estee Lauder Sales Fall Short Despite Hint of Travel Rebound
- Pandemic causing temporary store shutdowns in some markets
- Company’s global travel retail business grew in latest quarter
Pedestrians walk past an Estée Lauder store in Hong Kong.
Photographer: Chukrut Budrul/SOPA Images/LightRocket/Getty Images
This article is for subscribers only.
Estee Lauder Cos. reported quarterly sales that came in short of analysts’ estimates despite early signs of travel bouncing back.
Sales rose in every region but didn’t meet expectations, with demand for makeup still stifled as customers don’t see many occasions to wear cosmetics like lipstick. Global net sales for the fiscal third quarter ended March 31 rose 16% to $3.86 billion, or 13% excluding currency fluctuations, the company said Monday in a statement.