週二盤前，雅詩蘭黛公司（NYSE:EL）的股票在該公司公佈第二季度業績後下跌。公司報告第二季度銷售額同比下降6％，至40億美元，但仍超出分析師一致預期的39.7億美元。 有機淨銷售額減少6％。 美洲地區的淨銷售額下降了2％。歐洲、中東及非洲的銷售額下降了6％，亞太地區下降了11％。護膚品的淨銷售額下降了12％，彩妝減少了1％，香水增長了1％，護髮產品下降了8％。 毛利潤減少2％至30.4億美元，利潤率擴大310個基點至76.1％。調整後的每股收益爲0.62美元，超出一致預期的0.32美元。 本季度雅詩蘭黛的營業虧損爲5.8億美元，而去年同期爲盈利5.74億美元。運營利潤率從上一年同期的13.4％下降到（14.5）％，主要反映了861百萬美元的商譽和其他無形資產減值以及181百萬美元的重組和其他相關費用。調整後的營業利潤率收縮了200個基點，至11.5％。 截至12月底，公司持有26億美元的現金及等價物。公司將支付季度股息0.35美元每股，支付給截至2025年2月28日營業結束時在冊的公司的A類和B類普通股股東，現金支付將在2025年3月17日進行。 “今天，我們很高興推出‘重新想象之美’，這是一個大膽的戰略願景，以恢復可持續銷售增長，並在未來幾年內實現穩健的兩位數調整後營業利潤率，旨在成爲最好的消費者中心的高端美容公司。”公司總裁兼首席執行官斯蒂凡·德·拉·法維爾說。 公司正在擴大其利潤恢復和增長計劃（PRGP），包括重組計劃。預計該計劃的行動將在2025財年和2026財年大部分執行，並在2027財年完成，幾乎所有的全面執行利益預計將在2027財年實現。 一旦完全實施，雅詩蘭黛預計將進行12億至16億美元的重組及其他相關費用。公司現在預計總裁員人數爲5800至7000人，包括已經批准的職位。 “雖然我們對第三季度的前景不滿意，但這主要反映了我們亞洲旅遊零售業務中零售銷售趨勢疲軟，這在第二季度因韓國因素而惡化。對於第三季度，我們預計亞洲旅遊零售的整體零售趨勢將持續疲軟，這將顯著壓低我們的有機淨銷售額，儘管我們在2025財年前半年通過內部庫存水平的改善取得了進展，並計劃保持在當前水平，”德·拉·法維爾補充說。 前景：雅詩蘭黛預計第三季度銷售額將下降12％ - 10％。公司預計第三季度調整後每股收益爲0.20美元 - 0.30美元，而市場預期爲0.63美元。 價格動態：週二盤前，雅詩蘭黛的股價下跌了4.83％，報78.77美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Estee Lauder Companies Inc (NYSE:EL) shares traded lower in premarket on Tuesday after the company reported second-quarter results.

The company reported a second-quarter sales decline of 6% year-on-year to $4 billion, beating the analyst consensus estimate of $3.97 billion. Organic net sales decreased 6%.

Net sales in the Americas dropped 2%. Sales in Europe, Middle East & Africa declined 6%, and Asia/Pacific plunged 11%. Net sales from Skin Care plunged 12%, Makeup decreased 1%, Fragrance grew 1%, and Hair Care declined 8%.

Gross profit decreased 2% to $3.04 billion, with the margin expanding 310 basis points to 76.1%. Adjusted EPS of $0.62 beat the consensus estimate of $0.32.

Estee Lauder’s operating loss for the quarter was $580 million, compared to an income of $574 million last year. Operating margin declined to (14.5)% from 13.4% in the prior-year period, primarily reflecting $861 million from goodwill and other intangible asset impairments and $181 million from charges associated with restructuring and other activities. Adjusted operating margin contracted 200 basis points to 11.5%. 

The company held $2.6 billion in cash and equivalents as of December end. The company will pay a quarterly dividend of $0.35 per share on the company’s Class A and Class B Common Stock, payable in cash on March 17, 2025 to stockholders of record at the close of business on February 28, 2025.

“Today, we are excited to launch Beauty Reimagined, a bold strategic vision to restore sustainable sales growth and achieve a solid double-digit adjusted operating margin over the next few years as we aim to become the best consumer-centric prestige beauty company,” said President and CEO Stéphane de La Faverie.

The company is expanding its Profit Recovery and Growth Plan (PRGP), including the restructuring program. Actions under the plan are expected to be substantially executed in fiscal 2025 and 2026 and completed in fiscal 2027, with nearly all of the full run-rate benefits expected to be realized during fiscal 2027.

Once fully implemented, Estee Lauder expects to take restructuring and other charges of between $1.2 billion – $1.6 billion. The company now expects a total job reduction of 5,800 to 7,000 positions, including those already approved.

“While we are not satisfied with our third quarter outlook, it primarily reflects weak retail sales trends in our Asia travel retail business, which deteriorated in our second quarter driven by Korea… For the third quarter, we expect overall soft retail trends to persist in Asia travel retail, significantly pressuring our organic net sales despite the improvement we made with in-trade inventory levels in the first half of fiscal 2025, which we intend to maintain around current levels,” de La Faverie added.

Outlook: Estee Lauder sees third-quarter sales to decline 12% – 10%. EL expects third-quarter adjusted EPS of $0.20 – $0.30 versus an estimate of $0.63.

Price Action: EL shares traded lower by 4.83% at $78.77 in premarket at the last check Tuesday.

Photo via Shutterstock.