Estee Lauder Companies: Coronavirus Will Drag On Growth Engines In FY 2020 Back Half
The Estee Lauder Companies has lowered its full-year guidance to account for store closures, canceled travel plans and other effects of the coronavirus outbreak. The firm achieved record-setting 16% organic growth in the second quarter, led by China, travel retail and skin care, and is confident that it can get quickly back to speed once markets recover from the global health scare.
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Lauder’s business has been thrashed by COVID-19, but the firm is encouraged that its biggest growth drivers before the crisis are the same ones carrying it through.
From record organic growth to a 9% decline, The Estee Lauder Companies’ fiscal performance over the past two quarters illustrates sharply the devastating and largely unanticipated impact of the COVID-19 pandemic, even for firms best-positioned to ride it out.
Coronavirus was a factor in attendance of the Personal Care Products Council’s 2020 annual meeting in Palm Beach, FL. Opening the conference on 2 March, chairman George Calvert, chief supply chain officer at Amway, discussed with CEO Lezlee Westine the epidemic’s ongoing impact on supply networks and global cosmetics business.