February 6, 2020 / 11:57 AM / 15 days ago

Estee Lauder cuts profit forecast for fiscal 2020 on coronavirus outbreak

Feb 6 (Reuters) - Estee Lauder Cos Inc on Thursday cut its profit forecast for fiscal 2020, citing the recent outbreak of coronavirus epidemic in China, a key market for the cosmetics maker.

The company now expects adjusted earnings of $5.60 to $5.70 per share, compared with its previous estimate of $5.85 to $5.93. Analysts on average were expecting earnings of $5.94 per share, according to IBES data from Refinitiv. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Anil D’Silva)

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