Estee Lauder (EL) shares tumbled after the beauty company cut its full-year outlook due to weakening China sales, which account for over 30% of revenue. Managing Director, Susan Anderson of Canaccord Genuity, said Estee Lauder performed well in prestige cosmetics markets like the U.S., and noted that even amid inflation pressures, consumers appear to be maintaining spending on prestige products. However, Lauder's substantial China and travel retail exposure make it vulnerable despite strong positioning in western markets.
"We've heard of China weakness across the board, really from all of Estee Lauders competititors," Anderson tells Yahoo Finance, adding: "....Its really that China, Asia-travel business that's weighing on their results, otherwise prestige continues to be strong elsewhere"
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