slightly lowered its third-quarter and full-year financial outlook and said it would delay the launch of a new multibrand Web site, citing concerns that U.S. economic conditions are creating a softer retail environment.
The company, which is based in New York, is now projecting third-quarter revenue growth of 8% to 9%. Estee Lauder
previously forecast an 8% to 10% increase in sales compared with the year-ago period.
Estee Lauder, which owns the
brands, said it expects 8% to 10% growth in revenue for the full fiscal year. The company expects third-quarter sales growth in the Americas to be in the low-to-mid single digits, with double-digit growth in Europe, the Middle East and Africa, and the Asia-Pacific region.
The company maintained its earnings estimate of 23 cents to 25 cents a share for the third quarter and $1.32 to $1.35 for the full year. Analysts polled by
First Call/Thomson Financial
are looking for earnings of 24 cents for the third quarter and $1.33 for the year.
Shares of Estee Lauder remained unchanged at $37.80 in recent
New York Stock Exchange
The company also said the development of its
multibrand site is being delayed because of the complexity of the site concept. Estee Lauder now expects to launch the site in the fall. The delayed launch won't have a material impact on sales or earnings for fiscal 2001, the company said.