Estee Lauder Sees Weak Annual Profit on Slow Recovery in Asia Travel Retail

Cosmetics giant Estee Lauder has projected annual sales and profit figures below estimates due to a slower-than-anticipated recovery in its travel retail business, particularly in Asia, and weakening demand in the United States. The company's shares fell by about 3% in response to this forecast. Estee Lauder's reliance on the Asia Pacific region for around 30% of its annual revenue has made it vulnerable to the slow recovery in travel retail, as travel destinations like airports have seen sluggish sales.