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Estée Lauder downgraded its annual forecasts and sounded the alarm over the Christmas trading quarter as fear mount about the prospect for recession.
The luxury cosmetics business said stringent Covid-19 restrictions in China had knocked sales in the region and it warned that rampant inflation was prompting some American retailers to reduce stocks of its products.
Shares in the group fell $16.73, or 8.1 per cent, to close at $190.03, their lowest level in more than two years, in New York last night.
Cutting its guidance for annual sales to a drop of between 6 per cent and 8 per cent, down from an estimate of growth of 5 per cent to 7 per cent, Estée Lauder said challenges in China had been “greater than