Reported about 5 hours ago
Estee Lauder forecasted a disappointing third-quarter profit, attributing it to weak demand, particularly in airports and popular travel destinations like Korea and China. In response, the company is expanding its restructuring efforts, planning to cut up to 7,000 jobs and incurring charges between $1.2 billion and $1.6 billion. These steps are aimed at reviving sales growth and stabilizing profit margins, following a 6% drop in sales during the previous quarter.
Source: YAHOO