The Estée Lauder Companies has reported a drop in profit and revenue in the fourth quarter of the year as Covid-related restrictions in Mainland China continued to impact the business.
In the three months to June 30, net income dropped sharply to 52 million dollars from 1.02 billion dollars a year earlier.
Net sales in the quarter dropped 9.6 percent to 3.56 billion dollars.
For the full year, net income fell to 2.39 billion dollars from 2.87 billion dollars a year earlier.
But net sales increased 9 percent to 17.74 billion dollars, reflecting a recovery in physical stores following the end of lockdown restrictions.
Looking ahead, the company expects reported net sales in FY23 to grow by between 3 percent and 5 percent versus the prior-year period.
Excluding restructuring and other charges, the company expects diluted net earnings per common share of between 7.39 dollars and 7.54 dollars.