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AP National Business

Estee Lauder among multinationals hit by China lockdowns

KTVZ
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Published 6:10 am

By MICHELLE CHAPMAN
AP Business Writer

The devastating effects of COVID-19 lockdowns in China overshadowed a strong quarter at Estee Lauder and shares y are tumbling in early trading. International companies that rely on sales in China have been hammered by Beijing’s “Zero COVID” policies. On Wednesday, Estee Lauder lowered its annual per-share profit expectations from between $7.39 and $7.54, to between $5.25 and $5.40. Bigger companies have not been spared from the effects of China’s strict virus policies. Access to an industrial zone in the central Chinese city of Zhengzhou was suspended Wednesday after workers who assemble Apple iPhones left following outbreaks. Starbucks reports earnings Thursday. In its last quarter,  the company said same store sales in China plunged 44%.

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