Estee Lauder lowers annual sales projections
U.S. cosmetics and fragrances giant Estee Lauder has announced its sales this year would grow by 6 to 7 percent, amid weak demand in Europe and South Korea. Fabrizio Freda, CEO and Chairman of Estee Lauder said earlier this week that the global beauty market will grow this year by a ”reasonable” 3 percent, down from 4 to 5 percent in the past couple of years. Estee Lauder continues to expect twice the overall growth rate in the U.S. and China – where the company is expanding in second and third tier cities. In the mean time, all of Southern Europe has been slowing down for Estee Lauder and a recovery is expected in 2014, 2015.
First quarter profits at Estee Lauder increase by 7,5 percent reaching a total of US$ 299 million. Net sales for the quarter ending 30 September increase by 2,9 percent to a total of US$ 2,55 billion.