(C) Reuters. An Estee Lauder cosmetics counter is seen in Los Angeles
(Reuters) -Estee Lauder Cos Inc missed analysts’ estimates for third-quarter sales on Monday, hurt by weak demand for the cosmetics maker’s premium makeup products as people continued working from home.
Cosmetics and makeup products have taken a hit during the COVID-19 pandemic as shoppers stay at home, pressuring foundation and lipstick sales of popular brands such as M.A.C and Bobbi Brown.
Sales at Estee Lauder (NYSE:EL)’s makeup segment fell 11% to $1.02 billion.
Net sales rose to $3.86 billion from $3.35 billion a year earlier. Analysts had expected sales of $3.94 billion, according to Refinitiv IBES data.
Net earnings attributable to the company was $456 million, or $1.24 per share, in the third quarter ended March 31, compared with a loss of $6 million, or 2 cents per share, a year earlier.
Estee Lauder revenue misses estimates on sluggish cosmetics demand
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