Retailers, consumers and prices
“The unprecedented global economic crisis produced one of the worst holiday seasons in decades, with many U.S. retailers experiencing double-digit sales declines in nearly all categories,” said William P. Lauder, Estee Lauder’s chief executive officer, in a statement.
“Our business was no exception to the downturn in consumer spending and our second quarter results will come in lower than we expected.”
It was clearly a joke, but the bleak state of the auto industry was sadly evident when this happened at Estee Lauder Cos Inc.’s annual stockholders’ meeting on Friday.
Leonard Lauder, the company’s chairman, and founder Estee Lauder’s son, was first up at the meeting held at the St. Regis hotel in New York City.