Estée Lauder Stock Slides After Weak Sales Forecast
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Estée Lauder's shares tumbled after the beauty company forecast lower annual sales, as weak consumer sentiment in mainland China continues to weigh. The beauty conglomerate said Monday that it sees fiscal-year revenue growth coming in between a drop of 1% to a rise of 2% on the previous year. Estée Lauder expects full-year earnings will top out at $2.75 a share, well below Wall Street estimates.