from King World News
Here is yet another sign of global economic deterioration.
November 7 (King World News) – Gerald Celente: On 31 October, the share price of cosmetics giant Estée Lauder plunged 21 percent after the company reported revenue fell 4 percent in its most recent quarter, year over year, due largely to poor sales in China.
Sales overall will be off by 6 to 8 percent in the current quarter, it warned.
The company posted a loss of $156 million in its fiscal first quarter, compared to a $31-million profit a year earlier.
Lauder also withdrew its financial guidance for the current fiscal year and whacked its dividend by 47 percent to 35 cents, saying it needed the cash to fund an ongoing turnaround effort.
