Consumer
Estée Lauder Cuts Revenue Outlook on China Weakness
- Duty-free sales rebound, growing by ‘strong double digits’
- Revenue in US was flat in the quarter, signaling challenges
This article is for subscribers only.
Estée Lauder Cos. lowered its revenue outlook for the remainder of the year as the company faces lackluster demand for its high-end products in China.
The company noted ongoing weakness in prestige beauty in mainland China in the most recent quarter, “reflecting subdued consumer confidence and softness during holiday and key shopping moments.”