BUZZ-Estee Lauder falls on gloomy quarterly profit forecast; announces job cuts

Reuters

Feb 04, 2025

** Cosmetics company Estee Lauder's EL.N shares down nearly 7.45% at $76.60

** Company forecasts third-quarter adjusted earnings per share between 24 cents and 34 cents, below analysts' estimates of 63 cents per share, according to data compiled by LSEG.

** "For the third quarter, we expect overall soft retail trends to persist in Asia travel retail, significantly pressuring our organic net sales", CEO Stephane de La Faverie

** Co, in its restructuring plan, estimates a net reduction of 5,800 to 7,000 jobs by the end of fiscal 2026 to return to sales growth

** Co adds the plan aims to "manage external volatility, such as potential tariff increases globally"

** Q2 sales fall 6% to $4 billion, compared with analysts' estimates of $3.97 billion

** EL stock fell 71% in 2024

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))

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