Lauder Slashes FY 2022 Outlook On China Woes Despite ‘Makeup Renaissance’ In Other Regions

Estee Lauder says a strict COVID-related lockdown in China prompted an adjustment in full-year sales projections to 7%-9% growth, about half of its was earlier estimate. Global fragrance sales jumped reported 28% in latest quarter to $579m and makeup sales increased 9% to $1.11bn.