Estee Lauder Cos Inc reported a 32% fall in fourthquarter sales on Thursday, as travel restrictions and store closures imposed to contain the spread of the coronavirus dampened demand for its highend beauty brands.
Estee Lauder Cos Inc reported a 32% fall in fourth-quarter sales on Thursday, as travel restrictions and store closures imposed to contain the spread of the coronavirus dampened demand for its high-end beauty brands.
The M.A.C. brand owner also said it would cut 1,500 to 2,000 jobs globally, including point-of-sale employees. It also estimated that it would close 10%-15% of its freestanding stores.
The company’s net sales fell to $2.43 billion in the quarter from $3.59 billion a year ago. Analysts on average had expected revenue of $2.45 billion, according to IBES data from Refinitiv.
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