Estée Lauder and Coach parent Tapestry report Covid setback to performance in China in quarterly figuresCovid restrictions in China saw net sales fall 10% at Estee Lauder in the three months to the end of June. Photograph: iStockStrong fragrance and make-up sales helped Estée Lauder report better than expected revenue in its fourth quarter, although the cosmetics group was still hobbled by Covid-19 disruptions in Asia.
Organic net sales, which exclude recent acquisitions, divestitures and currency fluctuations decreased 8 per cent during the fourth quarter. Estée Lauder cut its full-year sales and profit forecasts earlier this year, citing Covid-19 lockdowns in China as a major factor in disrupting supply chains. The company said its distribution facilities in Shanghai returned to normal capacity in early June. However, the company said recent lockdowns in the island province of Hainan are a “strong headwind”.
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