Lauder Q2 Sales Pummeled By China Closures, US Skin-Care Slowdown

The Estee Lauder Companies, Inc. reported a 17% decline in fiscal 2023 second quarter sales due to pandemic-related closures in China as well as a slowdown in orders of US skin-care products. But the company says both its Chinese and US markets should be “growth drivers” in the second half of the year as markets open up and new innovations kick in.