Estee Lauder (EL) came out with quarterly earnings of $0.65 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.97 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 124.14%. A quarter ago, it was expected that this beauty products company would post earnings of $0.32 per share when it actually produced earnings of $0.62, delivering a surprise of 93.75%.Over the last four quarters, ...

Financial Performance - Net sales decreased 10% to $3.55 billion, while organic net sales decreased 9% compared to the prior year[4]. - Operating income fell 42% to $306 million, with an operating margin of 8.6%, down from 13.5% in the prior-year period[4]. - Diluted net earnings per share decreased 52% to $0.44, while adjusted diluted net earnings per share decreased 33% to $0.65[5]. - Net sales for the three months ended March 31, 2025, were $3,550 million, a decrease of 10% compared to $3,940 million in the same period of 2024[42]. - Net sales for the nine months ended March 31, 2025, were $10,915 million, a decrease of 7% compared to $11,737 million in the same period of 2024[60]. - Net earnings for the nine months ended March 31, 2025, were a loss of $587 million, compared to a profit of $695 million in 2024[67]. - Operating income (loss) for the nine months ended March 31, 2025, was $(395) million, a decline of over 100% from $1,203 million in 2024[63]. - The company's diluted net earnings per common share for the nine months ended March 31, 2025, were $(1.63), a significant decline from $1.87 in 2024[63]. Sales by Category - Skin Care net sales decreased 11%, primarily due to declines in the Asia travel retail business and lower consumer sentiment in China[11]. - Makeup net sales decreased 7%, impacted by lower shipments for new product launches and retailer destocking[15]. - Fragrance net sales decreased 1%, with strong performance from Luxury Brands like Le Labo offsetting declines in other areas[15]. - The Americas region saw a 6% decline in net sales, while Europe, the Middle East & Africa experienced an 18% decline[16]. - Net sales in North America decreased by 5%, primarily due to retail softness and elevated inventory levels, despite a low single-digit increase in retail sales[19]. Gross Margin and Operating Income - Gross margin expanded 310 basis points to 75.0%, driven by the Profit Recovery and Growth Plan, despite the decline in net sales[5]. - Operating income decreased due to net sales decline and increased consumer-facing investments, partially offset by lower cost of sales and net benefits from the PRGP[22]. - Adjusted operating income (Non-GAAP) for the nine months ended March 31, 2025, was $1,009 million, down 19% from $1,239 million in 2024[63]. - Gross profit for the nine months ended March 31, 2025, was $8,141 million, down 3% from $8,406 million in 2024, with a gross margin of 74.6%[42]. Restructuring and Future Outlook - The Profit Recovery and Growth Plan (PRGP) aims to restore a solid double-digit adjusted operating margin by fiscal 2027, with restructuring charges estimated between $1.2 billion and $1.6 billion[25][27]. - The Company expects a net sales decline of 9% to 8% for the fiscal year ending June 30, 2025, with a high-single-digit organic net sales decline in Asia/Pacific[31]. - Forecasted diluted net earnings per share (EPS) for fiscal 2025 is projected to be between -$1.89 and -$1.61, with adjusted EPS expected to decline by 50% to 40% compared to the previous year[32]. - The company plans to complete specific initiatives under the restructuring program by the end of fiscal 2026, with an expanded focus on outsourcing and evolving selling models[45]. Impairments and Charges - The company recorded an impairment charge of $773 million for the TOM FORD brand and $75 million for the Too Faced brand due to interim impairment reviews[49]. - The impairment of goodwill and other intangible assets amounted to $861 million, with no such impairment reported in 2024[67]. - The company recorded a charge of $159 million related to talcum litigation settlement agreements in the fiscal 2025 first quarter[51]. Cash Flow and Capital Expenditures - Net cash flows provided by operating activities decreased to $671 million from $1,471 million year-over-year[67]. - Capital expenditures were reduced to $395 million from $702 million in the previous year[67]. - Dividends paid decreased to $492 million from $710 million year-over-year[67]. - The company’s cash and cash equivalents decreased to $2,631 million as of March 31, 2025, from $3,701 million in 2024[65]. Macroeconomic Factors - The company continues to monitor global macroeconomic factors, including inflationary pressures and supply chain challenges, which may impact consumer purchasing behavior[33]. - The global travel retail business experienced a strong double-digit decline, influenced by subdued consumer sentiment and strategic shifts by retailers in Korea and mainland China[22].

Core Viewpoint - The company, which owns The Ordinary and Clinique brands, expects a sales decline of 8% to 9% this year, which is worse than Wall Street's expectations [1] Group 1: Sales and Financial Performance - The anticipated sales decline is attributed to trade turmoil and a challenging economic outlook, exacerbating existing deep-rooted challenges faced by the beauty giant [1] - The company's stock rose by 5% in pre-market trading on Thursday, despite a year-to-date decline of 20% for Estée Lauder, compared to a 5.3% drop in the S&P 500 index [1] Group 2: Strategic Initiatives - The company has indicated early signs that its turnaround plan is showing effectiveness, suggesting potential for recovery if issues are adequately addressed [1] - Recent tariff measures have been implemented to mitigate potential negative impacts related to the economic challenges [1]

Core Points - EssilorLuxottica held its Annual Shareholders' Meeting on April 30, 2025, where all 17 resolutions proposed by the Board of Directors were approved, including a dividend of Euro 3.95 per share for the financial year 2024 [2][10] - The company is focusing on transforming into a leader in med-tech and wearable computing, leveraging its industrial and logistics platform in the optical industry and a unique portfolio of iconic brands [3] - The dividend payment option allows shareholders to receive their final dividend in shares, with the share price set at Euro 222.02 [4][11] Dividend Payment Details - Shareholders can opt for payment of the dividend in newly issued shares from May 9, 2025, to May 30, 2025, with specific instructions for those holding shares in pure registered form [5] - New shares will be admitted for trading on the Euronext Paris market and will carry the same rights as existing shares [6] - The payment of the dividend or delivery of new shares will occur on June 5, 2025, with provisions for rounding down to the nearest whole number of shares if necessary [7][15] Important Dates - The ex-dividend date is set for May 7, 2025, and the record date is May 8, 2025 [12][11] - Shareholders can access a webcast of the Annual Shareholders' Meeting for further information [13]

Core Viewpoint - Estee Lauder is expected to report a significant decline in quarterly earnings and revenues, reflecting a downward revision in analysts' projections over the past month [1][2]. Financial Performance - The anticipated earnings per share (EPS) for Estee Lauder is $0.29, representing a 70.1% decline year over year [1]. - Analysts forecast revenues of $3.51 billion, indicating an 11% decrease compared to the previous year [1]. - The consensus EPS estimate has been revised down by 8.5% over the last 30 days [1]. Sales Projections by Category - Net sales for Skin Care are projected to reach $1.87 billion, down 9.3% year over year [4]. - Makeup net sales are expected to be $1.07 billion, reflecting a 6% decrease from the prior year [4]. - Other net sales are estimated at -$38.46 million, indicating a drastic decline of 247.9% year over year [4]. - Hair Care net sales are forecasted at $134.79 million, down 5.7% from the previous year [5]. - Fragrance net sales are projected to be $574.19 million, showing a slight decrease of 0.1% [5]. - Net sales in The Americas are expected to reach $1.08 billion, down 3.1% year over year [5]. - Sales in Europe, the Middle East & Africa are estimated at $1.40 billion, reflecting a 15.1% decline [6]. - Asia/Pacific net sales are projected at $1.02 billion, indicating a 13.3% decrease [6]. Operating Income Projections - Operating income for Skin Care is expected to be $354.08 million, down from $468 million year over year [6]. - Operating income for Other is projected at -$220.82 million, compared to a positive $11 million last year [7]. - Makeup operating income is estimated at $53.44 million, down from $66 million [7]. - Fragrance operating income is expected to be $17.18 million, compared to $29 million in the previous year [8]. Stock Performance - Estee Lauder shares have decreased by 12.2% over the past month, contrasting with the Zacks S&P 500 composite's decline of only 0.2% [8].

自疫情爆发以来，美妆个护行业的并购活动相比其他行业具有更强的韧性。 2024年美妆个护行业的并 购交易总数量达到了历史新高。 该行业的复苏能力得益于有利的宏观趋势，为其在未来实现可持续增 长以及扩大利润空间提供了支撑。 与X世代和婴儿潮一代相比，千禧一代、Z世代和阿尔法世代更加关注健康和幸福指数，这使得他们 对产品的使用率更高、购买量更大，并且更愿意为产品支付更高的价格，因而持续吸引着投资者的关 注。然而疫情也凸显出了消费者偏好的转变。虽然美妆个护市场的某些领域受到了广泛关注，但其他 领域却面临着挑战，这表明市场分化正在加剧。 对投资者来说未来12到18个月是一个难得的机遇期。 大型跨国公司正面临重新平衡其投资组合的压 力，资产剥离的情况将变得越来越普遍。与此同时，寻求回笼资金的私募股权投资者会处置那些持有 时间较长的资产，这将进一步增加市场上资产的供应。我们预计这将为投资者创造难得的机会，使其 能够以优惠的估值收购资产。 但随着优质资产日益稀缺，同时流动性得以恢复，来自企业和私募股权的竞争可能会引发竞价大战。 对于那些寻求投资组合转型、实现增长并在美妆个护市场占据领先地位的投资者来说，现在正是适合 采取行动 ...

Core Viewpoint - The Estee Lauder Companies Inc. is expected to report a decline in both net sales and earnings for the third quarter of fiscal 2025, with net sales estimated at $3.5 billion, reflecting a 10.9% decrease year-over-year [1]. Financial Performance Expectations - The consensus estimate for earnings per share (EPS) has decreased to 30 cents, indicating a 69.1% decline from the previous year's quarter [2]. - The company anticipates an organic net sales decline of 8-10% compared to the previous quarter, with adjusted EPS expected to decline by 69-79%, ranging from 20 cents to 30 cents [3]. Market Challenges - Estee Lauder is facing challenges due to weak consumer sentiment in China and Korea, difficulties in the Asia travel retail business, and ongoing global geopolitical uncertainties, leading to expected volatility and limited visibility in the near term [3]. - Rising operating expenses have also been a concern, with a 500 basis point increase in operating expenses as a percentage of sales in the fiscal second quarter, driven by higher advertising and promotion costs [4]. Strategic Initiatives - Despite the challenges, the company is benefiting from its Profit Recovery and Growth Plan, which focuses on margin expansion, targeted investments for growth, and process simplification to enhance agility [5]. - The company's expanded presence in high-growth digital channels and positioning in emerging markets are seen as positive factors that may mitigate some of the expected declines in performance [5]. Earnings Prediction - A positive earnings surprise is anticipated based on the combination of a positive Earnings ESP and a Zacks Rank of 3, indicating a potential earnings beat for the upcoming report [6].

作为老牌全球美妆巨头，雅诗兰黛的生产地分布在全球范围内，在中国销售的产品主要生产于英国、日 本、加拿大等生产基地，以确保最大程度保证产品供应的灵活。但据国药监进口化妆品注册信息显示， 雅诗兰黛仍有不少产品原产地为美国，比如专研光透焕白精华素、倩碧卓效祛痘凝胶等产品，以及一部 分第5代小棕瓶眼霜、智妍胶原霜等热销产品。 关税政策下，雅诗兰黛部分产品的原材料成本压力陡增。如果将关税成本转嫁至终端，其售价涨幅只高 不低。尽管当前雅诗兰黛的全球供应链布局能够在一定程度削减关税带来的成本上涨，但这些产品仍或 因产线单一，短期内难以转移生产，导致陷入"涨价失销量、不涨损利润"的两难困境。 21世纪经济报道记者易佳颖实习生林耀康上海报道 外资市场风起云涌。 据新华社报道，北京时间4月11日，中方宣布对原产于美国的进口商品加征关税税率提高至125%。国务 院关税税则委员会在公告中明确指出，"鉴于在目前关税水平下，美国输华商品已无市场接受可能性"。 具体到化妆品行业，雅诗兰黛、宝洁、高露洁等多家美国化妆品巨头，面对关税政策的波动，股价和市 值都有较大影响。据中国医药保健品进出口商会统计数据，2024年，美国对华化妆品出口额17 ...

Core Insights - EssilorLuxottica reported consolidated revenue of Euro 6,848 million for Q1 2025, marking a year-on-year increase of 7.3% at constant exchange rates and 8.1% at current exchange rates compared to Q1 2024 [1][4] Revenue Growth - The company's revenue growth was driven by strong performance across all regions and business segments, with comparable-store sales increasing by 8% [4] - EMEA region experienced a growth of 10% at constant exchange rates, supported by both the PS and DTC channels [4] - North America saw a growth of 4%, with solid trends in DTC and resilient demand in PS [4] - Asia-Pacific region reported double-digit growth, particularly strong in myopia solutions in China [4] Product and Brand Performance - The launch of Nuance Audio marked a new category in the U.S., Italy, and France, with plans to expand into the UK and Germany [2][4] - Ray-Ban Meta showed rapid growth, benefiting from high penetration of Transitions lenses [4] - The company highlighted the significance of its brands, including Oakley celebrating its 50th anniversary and Oliver Peoples extending its partnership with Roger Federer [2] Strategic Goals and Future Outlook - The company is making significant strides towards its strategic goals, particularly in the wearables and med-tech space, supported by new clinical data on Stellest for myopia progression [2] - The commitment of the company's 200,000 employees is emphasized as a key factor in driving continued success and shareholder trust [2]

Core Insights - The report from Evercore ISI indicates a 3% year-on-year decline in China's beauty product imports in March, while online retail sales grew by 10%, suggesting a potential market bottoming out [1][2][5] - The sales in Korean duty-free shops are projected to reach $10 billion in 2024, which is 2.5 times that of Hainan, but recent subsidy cuts have led to a 22% drop in sales for January and February, resulting in some store closures in Seoul [1][6][7] - The decline in beauty product imports serves as a reference for retailers' reordering of high-end beauty products, with a notable double-digit decrease in reorders from Hainan duty-free shops [1][2][6] Industry Trends - Online sales and import data indicate that the inventory levels in China's beauty market, including Hainan duty-free shops, are balanced [5][6] - The beauty ecosystem in China is interconnected with the Korean market, where duty-free sales are supported by subsidies aimed at attracting customers [6] - The overall beauty market in mainland China is estimated to be $25.1 billion in 2024, with online sales accounting for 48% and offline sales for 52%, both showing slight declines [6] Company Impact - The turbulence in the Korean market is significant for companies like Estée Lauder, which derives 8% of its sales from Korea and 26% from China, including Hainan [7] - The recent performance of LVMH also reflects the broader market trends, with a reported decline in organic sales for the third quarter of fiscal year 2025 [7]