The makeup giant cut its sales forecast due to Covid restrictions in China.
Recent Covid restrictions in China have dealt another setback to cosmetics giant Estee Lauder as it tries to emerge from a pandemic slowdown.
The beauty industry has been working to recover from the pandemic, which prompted a prolonged shift to more minimal beauty routines. Sales in the Americas in the January-March period jumped 15% year-on-year, while in Europe, the Middle East & Africa they gained 17%. The UK led growth in Europe, as in-person shopping rebounded.
The company's fragrance business has also been booming, with sales up 31% in the quarter, compared to the prior year.
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