Estee Lauder Cos Inc's shares plunged on Wednesday after the cosmetics maker forecast a bigger drop in full-year sales and profit than previously estimated, blaming a slow recovery in demand at duty-free and travel destinations, especially in Asia.
saw a rise in first-quarter sales, boosted by a rebound in Asia as China eased COVID restrictions last year.
Estee said while major shopping districts such as Hainan, an island in the southernmost province of China, and Korea saw more traffic, the conversion of travelers to consumers in luxury beauty lagged. Estee CFO Tracey Travis said in a post-earnings call there has been progress in travel retail, which depends on duty-free sales at airports and travel destinations, through the third quarter and expects the sales to be up in double digits.
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