Shares of Estee Lauder Cos. EL, -0.67% sank 9.8% to a five-month low, after the beauty products company missed fiscal third-quarter profit expectations while beating on sales, but lowered its full-year sales outlook amid the slower-than-anticipated return to growth in Asia. The net income for the three months ending March 31 dropped to $156m, or 43c per share, from $558m, or $1.53 per share in the previous period. The adjusted earnings per share was 47 cents, which is below the FactSet consensus estimate of 51 cents. Sales dropped 11.6% to $3.75 Billion, but were higher than the FactSet consensus estimate of $3.71 Billion. Sales of skin care products fell 19.7%, to $1.92billion, while makeup sales declined 2.3%, to $1.09billion. Fragrance sales increased 1.0%, to $585m, and hair care rose 1.4%, to $149m. The company has reduced its 2023 sales growth forecast to negative 12% from negative 7% due to the weakness in Asia and the termination of licensing agreements for Donna Karan, DKNY Michael Kors Tommy Hilfiger, Ermenegildo Zegna, DKNY. The stock has fallen 1.2% in the past year, while the S&P500 SPX has gained 7.3%.