ESTEE LAUDER COMPANIES INC (EL): restructuring charge — Estée Lauder Q2 net sales down 7%; announces restructuring program with 1,800-3,000 job cuts

ESTEE LAUDER COMPANIES INC

2024-Q2 EPS reported $0.95 revenue$7,797,000,000

Q2 net sales $4.28B (-7% YoY); adjusted EPS $0.88 (43% decline); organic sales -8%; exceeded adjusted EPS outlook.
Restructuring program to cut 1,800-3,000 jobs; charges $500M-$700M; expects $350M-$500M annual gross benefits; part of expanded Profit Recovery Plan.
FY2024 outlook: narrowing organic sales range; lowering adjusted EPS to reflect ~35% effective tax rate; reaffirming operating margin.
Skin Care -10% driven by Asia travel retail/China; The Ordinary and La Mer grew double digits; Makeup -8% with Clinique strong.
Fragrance flat; Le Labo double-digit growth; Jo Malone London up; Estée Lauder fragrance declined.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ESTEE LAUDER COMPANIES INC reported fiscal 2024 second quarter ended December 31, 2023 results: revenue $4.28 billion, net income $313 million, EPS $.87. Guidance lowered.

Period: fiscal 2024 second quarter ended December 31, 2023
Revenue: $4.28 billion
Net income: $313 million
EPS: $.87
Guidance: lowered
Result: reported results

Exact text from the filing

The Estée Lauder Companies Inc. (NYSE: EL) today reported net sales of $4.28 billion for its second quarter ended December 31, 2023, a decline of 7% from $4.62 billion in the prior-year period.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ESTEE LAUDER COMPANIES INC announced a restructuring with charges of restructuring and other charges totaling between $500 million and $700 million, before taxes affecting reorganization and rightsizing of certain areas of the Company (net reduction in the range of approximately 1,800 to 3,000 positions globally).

Type: restructuring
Charge: restructuring and other charges totaling between $500 million and $700 million, before taxes
Affected area: reorganization and rightsizing of certain areas of the Company
Headcount: net reduction in the range of approximately 1,800 to 3,000 positions globally

Exact text from the filing

The Company expects that the restructuring program will result in restructuring and other charges totaling between $500 million and $700 million, before taxes, consisting of employee-related costs, contract terminations, asset write-offs and other costs associated with implementing these initiatives.

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ESTEE LAUDER COMPANIES INC filing history →

Source: SEC EDGAR

accession 0001001250-24-000005

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