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Estee Lauder sales fall 11% as virus outbreak hits retail stores

·1 min read

May 1 (Reuters) - M.A.C owner Estee Lauder Cos Inc reported a 10.7% drop in third-quarter sales on Friday, hit by the closure of stores and salons in March because of the COVID-19 pandemic.

Estee Lauder posted a loss of $6 million or 2 cents per share in the third quarter ended March 31, compared with a profit of $555 million, or $1.51 per share, a year earlier.

Net sales fell to $3.35 billion from $3.74 billion a year ago. (Reporting by Aditi Sebastian and Praveen Paramasivam in Bengaluru; Editing by Bernard Orr)