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Estee Lauder slashes annual profit forecast, to cut jobs

2024.02.05 06:54


© Reuters. Lipstick is displayed within the M.A.C flagship retailer in Paris, February 28, 2013. REUTERS/Philippe Wojazer/File Photo

(Reuters) – MAC lipstick maker Estee Lauder (NYSE:) slashed its annual profit forecast on Monday and introduced a restructuring program geared toward chopping about 3% to 5% of its workforce to rein in prices.

The firm mentioned it will begin this system within the third quarter of fiscal 2024 and expects to tackle restructuring and different prices of between $500 million and $700 million, earlier than taxes.

As of June 2023, Estee had about 62,000 staff worldwide. The firm had round 71% full-time staff, about 16% short-term and 13% part-time staff.

Last quarter, in an try to decrease its expenditure and rebuild margins, Estee had outlined a plan for fiscal years 2025 and 2026. The firm now expects to drive incremental working profit by way of the initiatives within the profit restoration plan of $1.1 billion to $1.4 billion.

It expects full-year 2024 adjusted profit per share between $2.08 and $2.23, in contrast with the prior forecast of $2.17 and $2.42.

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