Estée Lauder Lowers Guidance Due to Coronavirus

The Estée Lauder Cos. has sharply lowered guidance, citing coronavirus. Now, the beauty business says net sales are forecast to increase between 0 percent and 1 percent in the second half of its fiscal year. “The third quarter is anticipated to be the most negatively impacted by the coronavirus with sales declining versus the prior-year period,” Lauder said in a statement. “In the wake of the recent coronavirus outbreak, we are first and foremost concerned about the health and safety of our employees, consumers and everyone affected in China and around the world. Our hearts and support go out to the many people working hard to mitigate the health risks of the coronavirus,” said Lauder president and chief executive officer Fabrizio Freda in a statement. “The global situation will also affect our financial results in the near term, so we are updating our fiscal year outlook. With our results to date and our agility in allocating resources, we will strive to deliver full-year growth at least in line with our long-term goals, even in this challenging moment. We will be ready to return to our growth momentum as the global coronavirus outbreak is resolved,” he said. Lauder’s guidance shift came as the company released

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