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The impact of Covid-related lockdowns in China has forced Estée Lauder to cut its annual forecasts.
The cosmetics group expects full-year 2023 net sales to increase by between 3 per cent and 5 per cent, lower than analysts’ average estimate of 7.6 per cent, according to IBES data from Refinitiv.
Adjusted earnings per share are anticipated to increase between 5 per cent and 7 per cent, below estimates for a 10.5 per cent gain.
A jump in Covid cases and subsequent restrictions in China have left companies such as Estée, which generates about a third of its sales in the country, stuck with piles of unsold stock as cautious consumers avoid visiting crowded shopping districts. An extended lockdown imposed last week in Hainan, China’s tourism