Shares of Estée Lauder Cos. plunged toward their worst-ever one-day performance Wednesday, after the beauty products company missed fiscal third-quarter profit expectations, amid a big drop in skin-care sales, and slashed its full-year outlook.
“As the shape of recovery from the pandemic for Asia travel retail comes into better focus, it is proving to be both far more volatile than we expected and more gradual relative to what we experienced in other regions,” said Chief Executive Officer Fabrizio Freda. “We are, therefore,…
