Estée Lauder Outlook Hit by China Lockdowns, Stronger Dollar

Estée Lauder Cos.’ sales forecast trailed analyst estimates amid continued lockdowns in China and pressure from the strengthening US dollar.

The fragrance and skin care company said Thursday that it expects an 8 percent to 10 percent drop in sales this quarter, compared with a year ago. Analysts surveyed by Bloomberg expected revenue to be roughly flat in the quarter, which is the first in Estée Lauder’s fiscal year. The company’s…