Why Estée Lauder Stock Was Sinking on Friday
Some stocks were smelling rather sweet on Friday, but that wasn't the case with storied perfume and cosmetics maker Estée Lauder (NYSE: EL). The company's share price sagged 3.3% on the day, following the release of its latest set of quarterly results.
For its fourth quarter of fiscal 2023, Estée Lauder had $3.61 billion in net sales, 1% higher than in the same period last year. On the other hand, the company flipped to a net loss according to generally accepted accounting principles (GAAP), with a $32 million shortfall ($0.09 per share) against the fourth-quarter 2022 profit of $50 million.
On average, analysts tracking the stock were estimating that the top line would be lower at $3.47 billion, but its net loss would be narrower, at $0.03 per share.
Source Fool.com
