On February 2, Estée Lauder announced key financial data for the second quarter of fiscal year 2023 (as of December 31, 2022). Net sales fell 17% year-over-year to $4.62 billion, or 12% in constant currency, primarily due to the impact of COVID-19. The group forecasted a bigger drop in full-year profit than it had initially estimated, citing uncertainty around recovery in major market China. Estée expects annual adjusted profit per share to fall between 27% and 29%, compared with its prior forecast of a decrease between 19% and 21%.
Fabrizio Freda, President and Chief Executive Offic …
