Estée Lauder Group’s Net Sales Fell 17% in the Second Quarter, Lowering its Full-year Profit Forecast

2月 04, 2023

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 …