) raised its annual profit forecast and beat Wall Street targets for third-quarter sales on Wednesday, as demand for the MAC lipstick maker's higher-priced skincare and fragrances rebounded in the U.S. and Asia Pacific markets.
Estee's results hint at a recovery in demand for beauty and cosmetic products in the U.S. after a long bout of inflation had pressured sales of luxury items in the world's biggest economy. The company's third-quarter organic net sales in the Americas grew 1%, with a 3% rise in the Asia Pacific region.
However, Estee expects full-year 2024 sales to fall 1% to 2%, compared with its previous forecast of a 1% decrease to a 1% increase.
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