By Paulo Trevisani

Estee Lauder Cos. said Wednesday the outlook for fiscal 2023 is lowered in part because of the strong dollar.

Net sales are forecast to decrease between 6% and 8% in the year ending June 30, versus a year earlier, including a 6% negative impact from foreign currency translations, among other things.

The company also cited "an additional 2% due to certain foreign currency transactions in key international travel retail locations."

Adjusted diluted earnings per common share are expected to decrease between 19% and 21%, including a 10% negative impact from FX.

Estee Lauder said net sales decreased 11% in the fist fiscal quarter, ended Sept. 30, versus a year earlier, with a 4% negative FX impact.

"Net sales and operating income in the company's product categories and regions were unfavorably impacted by a stronger U.S. dollar in relation to most currencies," the company said.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

November 02, 2022 11:00 ET (15:00 GMT)

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