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Estee Lauder Companies, Among Industry’s ‘Long COVID’ Cases, Lowers FY 2024 Outlook

The firm is resetting Asia travel retail inventory and implementing a new and improved profit recovery plan.

 
• By Eileen Francis and Ryan Nelson

The Estee Lauder Companies says Asia travel retail will hammer fiscal 2024 full-year net sales, now expected to be down 2% to up 1%. A new profit recovery plan is designed to drive $800m-$1bn of incremental operating profit over the next two fiscal years, the New York-based firm said on 1 November.

The COVID-19 pandemic may be past, but its effects continue to weigh heavily on the Estee Lauder Companies. • Source: Shutterstock

The Estee Lauder Companies, Inc. reported net sales of $3.52bn for its fiscal 2024 first quarter, ended 30 September, a decline of 10% compared with the prior-year period. Organic sales were down 11%.

The performance marks the sixth consecutive quarter of sales decline for the New York-based beauty giant, whose stock has

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