Estée Lauder, the beauty company that owns Clinique and MAC Cosmetics, has cut its dividend and ditched its profit forecast as a sales slump in China deepens, prompting a 25 per cent plunge in its shares as trading opened in New York.
The New York-listed beauty group, which is in the midst of a turnaround and leadership transition, said on Thursday that a recovery in Chinese demand had proved slower than expected, with sales in the country falling by a double-digit percentage in the three months to the end of September.
As a result of the difficulty in forecasting when the Chinese market will recover, Estée Lauder said it was withdrawing its outlook for the rest of the year and reducing its dividend to a “more appropriate” level.
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