Check out women cutting back on some beauty needs due to the economic slowdown.
Cosmetics maker Estee Lauder Cos Inc blamed a weak retail environment for its lower quarterly profit on Tuesday due to weakness in its fragrance and hair-care businesses.
Those results come on the heels of Elizabeth Arden Inc’s surprising quarterly loss, which the fragrance maker blamed on lower sales of its cosmetics. Arden, known for its Red Door fragrance and spas, also lowered its full-year outlook due to tougher-than-expected sales trends in North America.
But unlike Arden, Estee Lauder believes it can withstand weakening consumer spending in the U.S. The New York-based company raised the bottom end of its full-year forecast range.
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