Estee Lauder: reduces FY guidance
(CercleFinance.com) - Estée Lauder said on Tuesday that it has lowered its earnings estimates for the current fiscal year, due to lockdowns in China, which affect its retail business aimed at tourists, and the impact of the war in Ukraine.
The US cosmetics maker now expects EPS of 7.05 to 7.15 dollars for its current fiscal year, compared with a previous forecast of 7.43 to 7.58 dollars.
However, the New York-based group reported higher-than-expected sales and earnings in its Q2 ended March, partly thanks to the strength of its fragrance business.
Net income climbed to 560 million dollars, compared to 460 million dollars a year ago, on net sales that are up 10% to 4.25 billion dollars.
Following this publication, Estée Lauder shares were down over 9% in pre-market trading on Tuesday morning.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The US cosmetics maker now expects EPS of 7.05 to 7.15 dollars for its current fiscal year, compared with a previous forecast of 7.43 to 7.58 dollars.
However, the New York-based group reported higher-than-expected sales and earnings in its Q2 ended March, partly thanks to the strength of its fragrance business.
Net income climbed to 560 million dollars, compared to 460 million dollars a year ago, on net sales that are up 10% to 4.25 billion dollars.
Following this publication, Estée Lauder shares were down over 9% in pre-market trading on Tuesday morning.
Copyright (c) 2022 CercleFinance.com. All rights reserved.