Estee Lauder Sees Weak Annual Profit on Slow Recovery in Asia Travel Retail
August 21, 2023
Reuters
Cosmetics giant Estee Lauder has projected annual sales and profit figures below estimates due to a slower-than-anticipated recovery in its travel retail business, particularly in Asia, and weakening demand in the United States. The company’s shares fell by about 3% in response to this forecast. Estee Lauder’s reliance on the Asia Pacific region for around 30% of its annual revenue has made it vulnerable to the slow recovery in travel retail, as travel destinations like airports have seen sluggish sales.
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