Shares of the company fell about 16 per cent in premarket trade after Estee cited a slower-than-expected recovery in Asia travel retail and major market China for the latest round of cut to its annual forecasts. Estee Lauder on Wednesday (May 3) forecast a bigger drop in full-year sales and profit, disappointing the Wall Street that was expecting better results on rebounding travel retail after COVID-19 restrictions eased globally and in China.
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