Earnings

Estee Lauder (EL) Q4 2020 earnings

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An Estee Lauder cosmetics counter in Los Angeles, California.

Lucy Nicholson | Reuters

Estee Lauder forecast current-quarter profit below analysts’ estimates on Thursday after posting a bigger-than-expected quarterly loss, as travel restrictions and store closures put in place to contain the spread of coronavirus dampened demand for its premium makeup brands.

The company and other cosmetic brands have been struggling in recent months with consumers adapting to the new work-from-home lifestyle and ordering more skincare products than makeup.

This led to Estee Lauder posting a 32% decline in sales in the fourth quarter, pushing its shares down about 6% in premarket trading.

The Covid-19 crisis…



Source cnbc.com

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