Estée Lauder Outlook Misses as Duty-Free Sales Lag in Asia
- Company sees more weakness in duty-free sales this year
- CEO says company will focus on ‘reaccelerating’ US growth
Estee Lauder cosmetics.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Estée Lauder Cos. gave a profit outlook that fell short of estimates on Friday, a sign the beauty company expects continued struggles in its crucial travel retail business in Asia.
The owner of the MAC and Tom Ford brands said it sees those struggles causing a net loss as well as a sales decline of 10% to 12% in the current three-month period. Those would be the second-worst quarterly results on record, according to Raymond James analyst Olivia Tong.