Salem Radio Network News Saturday, October 1, 2022

Business

Estee Lauder forecasts dour 2023 sales due to China COVID lockdowns

(Reuters) – Estee Lauder Cos Inc on Thursday forecast full-year sales below estimates, signaling a hit from fresh COVID-19-related lockdowns in China, which is one of its major market.

The company expects full-year 2023 net sales to increase between 3% and 5%, compared with analysts’ average estimate of a 7.6% rise, according to IBES data from Refinitiv.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)

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