Estée Lauder (EL) shares tumbled after the beauty company cut its full-year outlook due to weakening sales in China, which account for over 30% of revenue. Canaccord Genuity Managing Director Susan Andersoaysn s Estée Lauder performed well in prestige cosmetics markets like the U.S., and noted that even amid inflation pressures, consumers appear to be maintaining spending on prestige products. However, Estée Lauder's substantial China and travel retail exposure leave it particularly vulnerable. "We've heard of China weakness across the board, really from all of Estée Lauder's competitors," Anderson tells Yahoo Finance, adding: ".... It's really that China, Asia-travel business that's weighing on their results, otherwise prestige continues to be strong elsewhere" For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Estée Lauder (EL) shares tumbled after the beauty company cut its full-year outlook due to weakening sales in China, which account for over 30% of revenue. Canaccord Genuity Managing Director Susan Andersoaysn s Estée Lauder performed well in prestige cosmetics markets like the U.S., and noted that even amid inflation pressures, consumers appear to be maintaining spending on prestige products. However, Estée Lauder's substantial China and travel retail exposure leave it particularly vulnerable.
"We've heard of China weakness across the board, really from all of Estée Lauder's competitors," Anderson tells Yahoo Finance, adding: ".... It's really that China, Asia-travel business that's weighing on their results, otherwise prestige continues to be strong elsewhere"
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Estée Lauder shares tanked 17% Wednesday, hitting the lowest levels in years, after the cosmetics giant issued another profit warning. The beauty company behind M.A.C, Clinique and other brands blamed weak demand in China, a key market, as well as potential disruptions in business in Israel and the Middle East. Key points: + Estee Lauder now expects fiscal 2024 sales to decline as much as 2%, compared with its prior target of annual sales growth between 5% and 7%.
The Mexican government said Wednesday it will assume half of the interest rates on bank loans to help rebuild the 377 hotels destroyed or heavily damaged after Hurricane Otis slammed into the resort city last week. The hotels currently have no cash flow — and face months of work to repair windows and walls blown out by the Category 5 hurricane — so it is unclear how many private banks would be willing to lend them money. López Obrador announced a package of $3.4 billion in aid for the resort.
Pennsylvania cannot enforce a regulation to make power plant owners pay for their planet-warming greenhouse gas emissions, a state court ruled Wednesday, dealing another setback to the centerpiece of former Gov. Tom Wolf's plan to fight global warming. The Commonwealth Court last year temporarily blocked Pennsylvania from becoming the first major fossil fuel-producing state to adopt a carbon-pricing program, and the new ruling makes that decision permanent. The ruling is a victory for Republican lawmakers and coal-related interests that argued that the carbon-pricing plan amounted to a tax, and therefore would have required legislative approval.
Apollo Global Management Inc.'s shares jumped the most intraday since April 2020 as the firm's fee-related earnings hit a record. Bloomberg's Sonali Basak reports. Follow Bloomberg for business news & analysis, up-to-the-minute market data, features, profiles and more: http://www.bloomberg.com Connect with us on... Twitter: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness/ Instagram: https://www.instagram.com/quicktake/?hl=en
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