The Estee Lauder Cos. released its earnings March 15, refining its 2000 full-year results and its outlook for third-quarter 2001. The company noted that net sales for the third quarter are expected to grow between 8% and 9% from the same period last year. Estee Lauder continues to be cautious about the U.S. economic slowdown, admitting that current conditions may create softer retail sell-through and affect results for the second half of 2001. In light of the slowing market, the company will also delay the relaunch of gloss.com, the company's multibrand beauty site, until the fall. Estee Lauder shares on March 16 are at $36.92, down 75 cents from Thursday's close of $37.67 in New York Stock Exchange trading. The stock's 52-week range is between $33.75 and $54.31.
Copyright March 2001, Crain Communications Inc.