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Store closings due to coronavirus are to blame.
May 1, 2020
By: TOM BRANNA
Editor
The Estée Lauder Companies Inc. said fiscal third quarter sales fell 11% to $3.35 billion. The decline was driven by retail store closures as a result of the global spread of COVID-19 that was partially offset by the inclusion of net sales from the company’s recent acquisition of Have&Be Co. Ltd. (“Dr. Jart+”), which contributed approximately two percentage points to reported net sales growth. The company reported a net loss of $6 million, compared with net earnings of $555 million last ...
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