Estee Lauder trims profit, sales growth forecast

New York

COSMETICS company Estee Lauder Cos Inc on Tuesday cut its full-year profit and sales growth forecast due to weak demand for its skin care products in the US and China. The company's shares fell as much as 4.7 per cent.

Sales in the skin care business, the company's biggest, fell 6.8 per cent in the first quarter ended Sept 30, from a year earlier. Skin care sales growth in the US has slowed in the recent quarters, chief executive Fabrizio Freda said on a post-earnings conference call. "We need to increase the amount of innovation in the US to compete in a market where skin care is becoming much more competitive," Mr Freda said.