21/06/2022
The owner of Clinique and Bobbi Brown cut its sales forecast almost in half for the 12 months to July, citing weeks-long shutdowns that stopped it from shipping products in China.
It now expects overall growth of just 7% to 9%, down from as much as 16%.
Executives said it marked a temporary hit to a broader "makeup renaissance".
The beauty industry has been working to recover from the pandemic, which prompted a prolonged shift to more minimal beauty routines.
Estee Lauder said that outside of China, shoppers are buying makeup and perfume again, spurred by returns to the office, increased restaurant dining and an uptick in parties.
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.
