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Estee Lauder Companies (NYSE: EL) shares are trading lower after the company reported worse-than-expected fourth-quarter EPS and sales results.
“Through the Post-COVID Business Acceleration Program announced today, we are better aligning our brick-and-mortar footprint to improve productivity and invest for growth. We are well-positioned to drive growth as the market dynamics support it, yet remain equally mindful of the effects of COVID-19 on consumers, the retail sector and economics, in general, as well as geopolitical uncertainty," said Fabrizio Freda, President and Chief Executive Officer.
Estee Lauder is a leader in the beauty market, participating across skincare (45% of 2019 sales), makeup (39%), fragrance (12%), and haircare (4%) categories, with popular brands such as Estee Lauder, Clinique, MAC, La Mer, Jo Malone, Aveda, Bobbi Brown, Too Faced, and Origins.
Estee Lauder was trading 8% lower at $195.13 at time of publication. The stock has a 52-week high $220.42 and a 52-week low of $137.01.
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