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Investing.com — Estee Lauder (NYSE:EL) tumbled more than 8% as the beauty products maker appears to be missing out on the reopening trade.
Sales for the third fiscal quarter of $3.87 billion missed the average forecast of $3.94 billion. That said, profit of $1.59 was far better than expected ($1.32), according to data compiled by Investing.com. Fiscal full year sales are expected to increase up to 12% versus the prior year, the company said in a statement.
Estee Lauder had hit a record prior to today’s news, though shares are still up more than 65% for the past 12 months.
