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Headwinds will continue to pressure Q2, but strong growth expected to gradually resume in the second half of FY23, said the beauty giant.
November 2, 2022
By: Christine Esposito
Editor-in-Chief
The Estée Lauder Companies Inc. (ELC) today reported net sales of $3.93 billion for its first quarter ended September 30, 2022, a decline of 11% from $4.39 billion in the prior-year period, including negative impacts from foreign currency. Organic net sales fell 5%, in line with the company’s expectations, despite pressures which intensified as the quarter progressed. ELC said covid restrictions in China presented a greater challenge than expected. Tourism to Hainan was largely curtailed, whi...
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