Why Estée Lauder Stock Fell This Week
Estée Lauder (NYSE: EL) shareholders lost ground to the market this week. The makeup giant's stock fell 19% through 1:15 p.m. ET Thursday trading, compared to a 1.2% drop in the S&P 500, according to data provided by S&P Global Market Intelligence. Estée Lauder shares are down 19% so far in 2023.
The price drop this week came in response to management's fiscal Q3 earnings report, which contained a more conservative outlook for the 2023 fiscal year.
Estée Lauder's Wednesday report showed decent sales trends through late March. Net sales were down 12%, meeting the high end of the guidance range that management issued back in February. Earnings declined to $156 million from $558 million a year ago.
Source Fool.com
