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Estée Lauder Companies (ELC) said Wednesday that first-quarter sales fell 10 per cent to $3.52 billion, due to slower-than-expected recovery of prestige beauty in mainland China as well as a poor performance from the company’s Asia travel retail business. The results prompted the American beauty conglomerate giant to lower its fiscal 2024 outlook, and shares fell more than 15 per cent on Wednesday morning in response.