Estee Lauder Up, Says Asia/Pacific Retail Stores Have Been Reopening

By Michael Dabaie

Estee Lauder Cos. shares were up 3% to $165.53 in afternoon trading.

The company said Tuesday that in recent weeks many retail stores have been reopening in the Asia/Pacific region, and sales growth of the company's products online has accelerated globally.

The skin care, makeup, fragrance and hair care products company said in a Securities and Exchange Commission filing that as a result of Covid-19 directives, most retail stores in the Americas and Europe, the Middle East and Africa are now closed. Air travel continues to be largely curtailed, primarily impacting its travel retail business.

Estee Lauder said it recently borrowed $1.3 billion under its $1.5 billion revolving credit facility, and it had about $200 million of commercial paper outstanding as of March 31.

Beginning in early February, the company also suspended its repurchase of shares.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

April 07, 2020 13:06 ET (17:06 GMT)

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