Estee Lauder and L’Oreal lower profit outlook
Cosmetics companies Estee Lauder and L’Oreal said they’ve taken financial hits because of the outbreak. Estee Lauder lowered its profit outlook fiscal 2020 from between $5.85 and $5.93 per share to between $5.60 and $5.70 per share, citing reduced travel and sales in important tourist and shopping areas. L’Oreal said the outbreak has temporarily hurt sales in Asian airports.The companies have previously seen sales thrive in China as wealthy customers purchase luxury products at beauty stores and duty-free shops.
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