The Estée Lauder Companies reported a -12% decline in net sales for Q3 of its financial year, primarily driven by declining travel retail sales in Hainan and South Korea. Organic net sales fell -8% globally, with double-digit decreases in regional travel retail in Asia. However, organic net sales grew in almost every other market, including the US, UK, and Hong Kong. Fragrance net sales grew by double digits, while skincare net sales declined -17%. The company expects organic net sales to return to growth in Q4, although pressures in Asia travel retail are expected to partially offset growth in other markets. The full-year outlook reflects a slower than expected recovery in Asia travel retail due to a steady return of international flights, allowing conversion of consumers in the beauty category.