Lauder Lowers FY23 Outlook On ‘Temporary Pause’ In China, Tightening Of US Inventory

Estee Lauder Companies says fiscal 2023 second-quarter sales will decline high double digits due to ongoing COVID-19 restrictions in China, tightening inventory by some US retailers, and a strong US dollar. The firm expects improvement in the back half of the year, but has adjusted full-year guidance.