Profits at cosmetics giant Estee Lauder (NYSE:EL) came in under expectations, hit by global economic uncertainty and weaker demand.
The group adjusted their profit downwards to between $3.38 and $3.44 per share, down from an initial estimate of $3.53. The compay cited Brexit uncertainty and attacks in France as factors weighing heavily on performance. Quarterly sales also took a hit, down to between $2.86 billion and $2.89 billion as a stronger dollar took its toll on tourist spending.
CFO Tracey Travis said on an earnings call that she believes “risk of other economic and political disruptions will remain high as we start our new fiscal year”.
Shares in the company remained largely unaffected by the news, trading down 0.35 percent at 91.70 (1634GMT).