Estee Lauder Raises 2019 Guidance After Reporting Booming Sales in China
Estee Lauder has raised its 2019 guidance following better-than-expected results from the latest quarter. The international beauty conglomerate said that strong sales in China helped it exceed Wall Street’s original expectations. Shares were up nearly five percent following the announcement. Estee Lauder’s stock has jumped 32 percent this year. Net sales have also grown in nearly every category.
Skincare sales are flourishing in Asia, and Estee Lauder’s high-end beauty labels such as La Mer are performing well despite wider worries of a luxury slowdown in China.