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Core Viewpoint - The Estée Lauder Companies Inc. has underperformed in the past year, with a 7% decline in share value, missing out on a broader equity market rally due to weaknesses in Asia and slow recovery [1] Company Performance - The company's shares have lost 7% of their value over the past year [1] - The underperformance is attributed to weak market conditions in Asia and a slow recovery overall [1] Market Context - The Estée Lauder Companies Inc. has not participated in the recent equity market rally, indicating potential challenges in its market positioning [1]

Group 1 - The U.S. stock market opened mixed, with the Dow Jones index up by 0.13%, the S&P 500 index down by 0.08%, and the Nasdaq Composite index down by 0.28% [1] - Estée Lauder opened down by 5%, with projected revenue for fiscal year 2025 expected to decline by 8% year-over-year [1] - Hertz Global Holdings saw an increase of over 15% in stock price after announcing plans to sell used vehicles on Amazon [1]

| 纳斯达克100期货小型 23433.75d -35.75 -0.15% | | | --- | --- | | 纳斯达克100期货微型 23434.00d -35.50 -0.15% | | | 标普500期货小型 | 6428.75d -3.75 -0.06% | | 道琼斯期货小型 | 45007d 8 0.02% | 20:32 欧洲主要股指涨跌不一，英国富时100指数涨0.61%，法国CAC40指数涨0.2%，德国DAX指数跌 0.36%，欧洲斯托克50指数涨0.12%； 雅诗兰黛跌近5%，2026财年指引不及预期。百度集团跌超3%。 21:31 美股开盘丨三大指数涨跌不一 爱奇艺跌超5% 道指涨0.13%，纳指跌0.24%，标普500指数跌0.08%。雅诗兰黛跌近5%，2026财年指引不及预期。百度 集团跌超3%，纳斯达克中国金龙指数跌0.3%，爱奇艺跌逾5%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指数 | 44982.34 | 60.07 | 0.13% | | 纳斯达克指数 | 21263.28c | -51.67 ...

Group 1 - Estée Lauder's stock fell by 4.2% due to earnings guidance that did not meet expectations [1] - Target's stock declined by 10.5% as it maintained its sales outlook for the fiscal year [1] - Alcon's stock dropped by 9.1% as it lowered its full-year sales forecast due to ongoing tariff impacts [1] Group 2 - Hertz's stock increased by 13.5% after the company announced plans to sell used cars on Amazon's automotive platform [1]

Financial Data and Key Metrics Changes - The company reported an 8% organic sales decline for fiscal 2025, with nearly two-thirds attributed to a 28% decrease in Travel Retail [7][8] - Gross margin expanded by 230 basis points to 74%, driven by the Profit Recovery and Growth Plan (PRGP) benefits [8][30] - Operating margin contracted to 4% in Q4 from 9% the previous year, influenced by sales declines and increased consumer-facing investments [30] - Diluted EPS decreased by 42% to $0.09 in Q4 compared to $0.64 last year [32] Business Line Data and Key Metrics Changes - Travel Retail represented approximately 15% of reported sales, down four percentage points from fiscal 2024 [8] - Online sales reached 31% of reported sales for fiscal 2025, up three percentage points from fiscal 2024, indicating a strong shift towards e-commerce [12] - The Ordinary and Clinique drove share gains in the U.S., while La Mer and Tom Ford contributed to growth in China [10][17] Market Data and Key Metrics Changes - The company gained prestige beauty share in China, Japan, and the U.S., with notable growth in online sales and retail channels [9][10] - Travel Retail in Asia saw a significant decline, but the company ended fiscal 2025 with healthier trade inventory [8][19] - Emerging markets represented only 10% of reported sales, indicating untapped potential for growth [20] Company Strategy and Development Direction - The company is committed to regaining Prestige Beauty leadership through the Beauty Reimagine strategy, focusing on operationalizing its strategic vision [6][9] - Plans for fiscal 2026 include low single-digit organic sales growth and a solid double-digit operating margin target [19][44] - The company aims to reduce discounts significantly and improve consumer coverage in markets with high department store penetration [20][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to top-line growth in fiscal 2026, despite challenges in the broader retail environment [19][38] - The company anticipates modest global prestige beauty growth of 2% to 3% for fiscal 2026, with a focus on improving performance in North America and Europe [37][38] - Management highlighted the importance of aligning retail and net sales, with expectations for a narrowing gap in fiscal 2026 [60][66] Other Important Information - The company recorded $425 million in impairment charges related to Doctor Jard and Too Faced, reflecting challenges in key geographies [31] - The PRGP restructuring program has resulted in $610 million in cumulative charges, primarily in employee-related costs [33] - The company is focused on enhancing productivity and optimizing capital expenditures, with a target of approximately 4% of sales for capital expenditures in fiscal 2026 [45] Q&A Session Summary Question: Progress on organizational restructuring and cultural change - Management confirmed significant progress in simplifying the organizational structure and emphasized the importance of communication throughout the company [52][56] Question: Gap between retail sales and shipments - Management noted that inventory has been reduced across major markets, and they expect the gap between net sales and retail to narrow moving forward [60][63] Question: North America's channel balance and sales growth - Management highlighted the strong performance in online channels and Amazon, while acknowledging the need for continued work in traditional department stores [71][75] Question: Organic revenue growth excluding Travel Retail - Management indicated that organic revenue growth excluding Travel Retail was in the low single-digit decline range, with expectations for improvement in fiscal 2026 [81][84] Question: Operating margin guidance and interplay between gross margins and SG&A - Management provided insights into the expected interplay between gross margins and SG&A, indicating a focus on maintaining gross margin despite tariff impacts [92]

Financial Data and Key Metrics Changes - The company reported an 8% organic sales decline for fiscal 2025, with nearly two-thirds attributed to a 28% decrease in Travel Retail [7][28] - Gross margin expanded by 230 basis points to 74%, driven by the Profit Recovery and Growth Plan (PRGP) benefits [7][29] - Operating margin contracted to 8%, down 220 basis points due to sales declines and increased consumer-facing investments [8][29] - Diluted EPS decreased by 42% to $0.09 in the fourth quarter compared to $0.64 last year [31] Business Line Data and Key Metrics Changes - Travel Retail represented approximately 15% of reported sales, down 4 percentage points from fiscal 2024 [7] - Online sales reached 31% of reported sales for fiscal 2025, up 3 percentage points from fiscal 2024, indicating a strong shift towards e-commerce [11] - The Ordinary and La Mer gained market share in key markets, with La Mer achieving double-digit organic sales growth in Mainland China [9][12] Market Data and Key Metrics Changes - The company gained prestige beauty share in China, Japan, and the U.S., indicating a recovery in key markets [8][9] - Travel Retail sales were significantly impacted, with a noted decline in conversion rates [17][28] - Emerging markets represented only 10% of reported sales, highlighting untapped potential [18] Company Strategy and Development Direction - The company is committed to regaining Prestige Beauty leadership through the Beauty Reimagine strategy, focusing on five key action priorities [6][26] - Plans include reducing discounts, enhancing consumer coverage, and expanding in high-growth emerging markets [18][19] - The company aims to achieve low single-digit organic sales growth in fiscal 2026, with a focus on improving margins and profitability [17][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to top-line growth in fiscal 2026, despite challenges in the retail environment [17][34] - The company anticipates modest global prestige beauty growth of 2% to 3% in fiscal 2026, with a focus on improving performance in North America and Europe [36][37] - Management acknowledged ongoing challenges in travel retail and consumer sentiment in Western markets but noted early signs of stabilization in Mainland China [36][37] Other Important Information - The company recorded $425 million in impairment charges related to Doctor Jard and Too Faced, reflecting challenges in key geographies [30] - The effective tax rate for the full year was 38.8%, up from 31% the previous year, due to a higher rate on foreign operations [31] - The company generated $1.3 billion in net cash flow from operating activities, down from $2.4 billion last year, primarily due to lower earnings [32] Q&A Session Summary Question: Progress on organizational restructuring and cultural change - Management confirmed significant progress in restructuring, including the collapse of seven regions into four and the establishment of a new leadership team [52][55] - Communication has been emphasized throughout the organization to ensure alignment with the Beauty Reimagine strategy [56][59] Question: Gap between retail sales and shipments - Management indicated that inventory has been reduced significantly across major markets, and they expect the gap between retail and net sales to narrow moving forward [61][64] Question: North America's channel balance and sales growth - Management highlighted strong market share gains in North America, particularly through Amazon, while acknowledging ongoing challenges with department stores [72][75] - The company is focused on diversifying its channel mix and enhancing consumer engagement across various platforms [79][81] Question: Organic revenue growth excluding Travel Retail - Management reported that organic revenue growth excluding Travel Retail was in the low single-digit decline range, with expectations for improvement in fiscal 2026 [83][86] - The company is optimistic about growth in China and emerging markets, aiming for positive growth overall by the end of fiscal 2026 [90][91] Question: Operating margin guidance and cost structure - Management expects operating margins to improve primarily through SG&A reductions, with a focus on non-consumer facing expenses [95][96]

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智通财经APP获悉，周三美股盘前，雅诗兰黛(EL.US)公布截至6月30日的2025财年第四季度业绩。财报 显示，雅诗兰黛Q4营收为34.1亿美元，同比下降12%，仍好于市场预期;每股收益为0.09美元，也好于市 场预期。但由于关税成本的拖累，雅诗兰黛公布的2026财年利润指引不及预期，股价应声大跌。 雅诗兰黛预计，截至2026年6月的财年，调整后每股收益为1.90美元至2.10美元，不及市场预期。该公司 还预计，美国关税上涨将导致其盈利减少约1 亿美元。 财报公布后，雅诗兰黛股价盘前一度跌14%。 雅诗兰黛首席执行官Stéphane de La Faverie正在通过裁员和外包部分服务来削减成本，同时也在加大投 入以在亚马逊、TikTok等平台上销售更多护肤品和化妆品。这一举措标志着公司正在摆脱过去依赖百货 商店的模式，转而采取新的经营策略。 但转型能否成功很大程度上取决于雅诗兰黛在中国市场的销售额能否回升，以及能否在美国市场抢占更 多份额。该公司面临新兴品牌以及欧莱雅等竞争对手的竞争。 Faverie还致力于降低雅诗兰黛对中国和韩国免税店的依赖。在疫情暴发后的几年里，这些免税店曾为该 公司贡献了高达三分之 ...

分组1 - Estee Lauder reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of $0.08 per share, compared to $0.64 per share a year ago, representing an earnings surprise of +12.50% [1] - The company posted revenues of $3.41 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.27%, but down from $3.87 billion year-over-year [2] - Estee Lauder has outperformed the S&P 500, with shares increasing about 19.9% since the beginning of the year, compared to the S&P 500's gain of 9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $3.33 billion, and for the current fiscal year, it is $2.13 on revenues of $14.61 billion [7] - The Zacks Industry Rank indicates that the Cosmetics industry is currently in the bottom 24% of over 250 Zacks industries, which may impact stock performance [8]