2 – Brace for impact: Estée Lauder CEO plots path to recovery from novel coronavirus outbreak
In February, Estée Lauder Companies’ CEO said the firm stood ready to invest to aid recovery from the impact of the China COVID-19 outbreak.
The company announced its impressive second quarter results on Feb 6, which reported that its net sales increased 16%, excluding the impact of currency translation.
This strong momentum continued in the first three weeks of January 2020, but the company has since experienced a significant decline due to the coronavirus outbreak.
In China, around two-thirds of the company’s department store doors were shuttered, and the remaining doors had their hours reduced.
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