Estee Lauder Companies Inc (NYSE: EL) shares are down Wednesday morning following its first quarter results and lackluster outlook.
The company reported a first-quarter FY24 sales decline of 10% year-on-year to $3.518 billion, missing the analyst consensus estimate of $3.529 billion.
Organic net sales declined 11%, primarily driven by expected pressures in the company's Asia travel retail business, as well as incremental headwinds from a slower-than-expected recovery of overall prestige beauty in mainland China.
Net sales in the Americas improved with strong growth in both North America and Latin America. Sales in Europe, Middle East & Africa dropped 27%, and Asia/Pacific fell 3%.
Net sales from Skin Care fell 22%, Makeup increased 1%, Fragrance rose 5%, and Hair ...