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Why Are Cosmetics Major Estee Lauder's Shares Diving Today?

Estee Lauder Companies Inc (NYSE:EL) shares are trading lower after the company issued its third-quarter FY24 results.  The company reported a third-quarter sales growth of 5% year-on-year to $3.94 billion, beating the analyst consensus estimate of $3.913 billion. Organic net sales increased 6%, primarily due to double-digit growth in Europe, the Middle East & Africa, driven by stronger sales in Asia travel retail. Net sales in the Americas improved 3%. Sales in Europe, Middle East & Africa climbed 12%, and Asia/Pacific fell 1%. Net sales from Skin Care grew 8%, Makeup increased 3%, Fragrance remained flat, and Hair Care decreased 3%. Adjusted ...