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Why Estee Lauder Stock Was Sliding Today

Jeremy Bowman, The Motley Fool
·2-min read
Why Estee Lauder Stock Was Sliding Today

Shares of Estee Lauder (NYSE: EL), the global cosmetics giant, were sliding today after the company cut its guidance for 2023 due to a weak recovery in Asia. Estee Lauder, the parent of brands like MAC, La Mer, and Clinique, had thrived during the pandemic in part due to strong sales of its skin care products in Asia. Organic sales, which had a negative impact from currency translation, were down 8% in the quarter due to pressure in the Asia travel retail market.

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