By Dave Sebastian
Estee Lauder Cos. Inc. said it expects sales to rise 11% to 12% for fiscal 2021 amid gradual recovery from the Covid-19 pandemic.
Excluding the effect of currency, the company sees sales up 9% to 10%, with its DECIEM acquisition negligible to overall sales growth and earnings, the company said.
Estée Lauder said it expects earnings of $5.31 to $5.48 a share for the year. Excluding restructuring and other charges and adjustments, the company said it sees earnings of $6.05 to $6.15 a share.
The company said it expects to invest in areas that support recovery, such as advertising and its supply chain. Estée Lauder said demand for makeup continues to be weak amid less makeup use during the pandemic.
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(END) Dow Jones Newswires