Estée Lauder Suspends FY20 Outlook, Dividend, Share Buyback Amid COVID-19

(RTTNews) - While reporting financial results for the first quarter on Friday, Estée Lauder Cos., Inc. (EL) said it is not providing specific earnings and sales guidance for the fiscal 2020 fourth quarter and full year, due to the uncertainty around the timing, speed and duration of the recovery from the adverse impacts of COVID-19.

The company stands ready to facilitate the recovery in fiscal 2021 as soon as the market dynamics support it.

It has temporarily suspended repurchases of the Company's Class A Common Stock and has suspended the quarterly cash dividend that would have been paid in June 2020

The company said its actions to control costs during this very volatile moment, while maintaining the flexibility to make strategic investments in the areas of greatest opportunity, are expected to help it emerge strongly when the global recovery begins.