NEW YORK — Estee Lauder may trim as many as 7,000 jobs by fiscal 2026, more than 11% of its workforce, after the global beauty cosmetics maker lost money in its most recent quarter as reported a 6% sales slump.
The New York company behind such brands as MAC, La Mer and Aveda tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty.
China announced retaliatory tariffs on some American imports and an antitrust investigation into Google on Tuesday, just minutes after a sweeping levy on Chinese products imposed by U.S. President Donald Trump took effect.
Estee Lauder expects to book restructuring and other charges related to the job cuts of between $1.2 billion and $1.6 billion, before taxes.
As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company’s latest annual filing.
“We are significantly transforming our operating model to be leaner, faster, and more agile,” said CEO Stéphane de La Faverie, who became the company’s top executive last month.
The company posted sales of $4 billion in the latest quarter, down from $4.28 billion in the same period last year.
Estee Launder now expects profit of between 24 cents and 34 cents in the current quarter, far below the 61 cents that Wall Street had been expecting, according to FactSet.
Shares of The Estée Lauder Companies Inc. fell nearly 15%, or $12.14, Tuesday.
It was Jobs Friday in North America with both the US and Canada releasing there January employment reports. For the US, the January non farm jobs for the month
US stocks fell on Friday as investors reacted to the threat of more possible tariffs from the Trump administration while digesting a jump in consumer expect
Topline Approximately 65,000 federal employees have accepted a buyout offer made by President Donald Trump to more than 2 million government workers in an unpre
WASHINGTON (AP) — U.S. employers added just 143,000 jobs last month, but the unemployment rate fell to 4% to start 2025.The first monthly jobs report of Donal