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Estée Lauder Sinks After Dour 2023 View on Slow Asia Travel Retail

Shares of the company fell about 16 percent in premarket trade after Estée Lauder cited a slower-than-expected recovery in Asia travel retail and major market China for the latest round of cuts to its annual forecasts.
Estée Lauder advanced night repair serum bottle laying on a yellow background with yellow flowers surround it.
Estée Lauder Cos Inc forecasted a bigger drop in full-year sales and profit. (Shutterstock)

Estée Lauder Cos Inc on Wednesday forecasted a bigger drop in full-year sales and profit, disappointing Wall Street; that was expecting better results on rebounding travel retail after Covid-19 restrictions eased globally and in China.

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