NEW YORK (Reuters) - Estee Lauder Cos forecast first-quarter profit below Wall Street estimates on Thursday after posting a bigger-than-expected quarterly loss as travel restrictions and store closures put in place to contain the spread of coronavirus dampened demand for its premium make-up brands.. Read more at straitstimes.com.
NEW YORK - Estee Lauder forecast first-quarter profit below Wall Street estimates on Thursday after posting a bigger-than-expected quarterly loss as travel restrictions and store closures put in place to contain the spread of coronavirus dampened demand for its premium make-up brands.
The M.A.C. brand owner also said it would cut about 1,500 to 2,000 jobs globally, including point of sale employees.Cosmetics makers, including Estee Lauder, that rake in millions from sales at duty-free stores at airports, cruises and downtown locations have seen sales plummeting in its travel retail channel, as tourist spending has dried up due to restrictions on overseas travel and Covid-19 flare-ups in some tourist attractions.Analysts on average were expecting a profit of US$1.
Estee Lauder posted a loss attributable to the company of US$462 million, or US$1.28 per share, in the quarter ended June 30, compared with a profit of US$157 million, or 43 US cents per share, a year earlier. Excluding items, the company reported a loss of 53 US cents per share. Analysts had expected a loss of 19 US cents per share.
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