Estee Lauder Cos Inc forecast a bigger drop in full-year sales and profit on Wednesday on a slower-than-expected recovery in Asia travel retail and major market China, sending its shares down about 10% in premarket trade.
Even though China has relaxed pandemic-related restrictions, Estee flagged that January 2023 was pressured by low retail traffic and retailers destocking due to an increase in COVID-19 cases as people step out of the safety of their homes after long periods of lockdowns.
