BUZZ-Estee Lauder falls on gloomy quarterly profit forecast; announces job cuts

Cosmetics company Estee Lauder's EL.N shares down nearly 7.45% at $76.60

Company forecasts third-quarter adjusted earnings per share between 24 cents and 34 cents, below analysts' estimates of 63 cents per share, according to data compiled by LSEG.

"For the third quarter, we expect overall soft retail trends to persist in Asia travel retail, significantly pressuring our organic net sales", CEO Stephane de La Faverie

Co, in its restructuring plan, estimates a net reduction of 5,800 to 7,000 jobs by the end of fiscal 2026 to return to sales growth

Co adds the plan aims to "manage external volatility, such as potential tariff increases globally"

Q2 sales fall 6% to $4 billion, compared with analysts' estimates of $3.97 billion

EL stock fell 71% in 2024