Estée Lauder 2024 sales, profit forecasts miss estimates

Investing.com -- Estée Lauder (NYSE: EL) has delivered annual profit and net sales forecasts that were under market expectations, in a sign that the beauty giant is facing a slower-than-anticipated recovery in its travel retail business in China.

The owner of the MAC brand said it now sees full-year 2024 sales increasing by between 5% to 7%, missing Refinitiv IBES estimates of 8.8% that were cited by Reuters.

Adjusted earnings per share were also projected to come in at $3.50 to $3.75 during the period. Analysts had called for a forecast of $4.83.

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