Published Aug 18, 2023 06:50AM ET Updated Aug 18, 2023 07:00AM ET
© Reuters. FILE PHOTO: An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. REUTERS/Lucy Nicholson
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(Reuters) -Estee Lauder projected full-year net sales and profit below market expectations on Friday, signaling a slower-than-expected recovery in its travel retail business, mainly in Asia, and easing demand in the United States.
Shares of the New York-based company were down about 2% in premarket trade.
Major companies across the globe have taken a cautious stance regarding their bets on a rebound in China, as the world’s second-largest economy struggles to revive demand and battles rising youth unemployment rates and a high cost of living.
Analysts have said the drop in consumer demand in China and a slow recovery in Asia travel retail – sales made at airports or travel destinations like Korea and China’s Hainan – could impact luxury companies like Estee, which makes about 30% of its annual revenue from the Asia Pacific region.
Estee Lauder sees weaker annual forecast on slow recovery in Asia travel retail
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