Part I [Business](index=4&type=section&id=Item%201.%20Business) The Estée Lauder Companies Inc. is a global leader in prestige beauty, manufacturing and marketing skin care, makeup, fragrance, and hair care products across approximately 150 countries - The company is a leading global manufacturer, marketer, and seller of quality skin care, makeup, fragrance, and hair care products, with a portfolio of over 20 luxury and prestige brands sold in approximately 150 countries and territories[13](index=13&type=chunk) - In February 2025, the company launched "Beauty Reimagined," a strategic vision aimed at accelerating consumer coverage, creating transformative innovation, boosting consumer-facing investments, and fueling sustainable growth through efficiencies[14](index=14&type=chunk) Product Categories | Category | Description | | :--- | :--- | | **Skin Care** | Includes moisturizers, serums, cleansers, toners, eye care, body care, exfoliators, acne correctors, facial masks, and sun care products | | **Makeup** | Offers foundations, powders, concealers, setting sprays, lipsticks, lip glosses, mascaras, eyeshadows, and eyeliners | | **Fragrance** | Includes parfum, eau de parfum, eau de toilette, and related lotions, creams, powders, and candles | | **Hair Care** | Comprises shampoos, conditioners, styling products, treatments, finishing sprays, and hair color products | | **Other** | Includes royalty revenue from the TOM FORD trademark licensing and sales of ancillary products | - The company's distribution strategy is a mix of wholesale (department stores, duty-free, specialty-multi retailers) and direct-to-consumer channels (freestanding stores, brand websites, third-party online platforms); as of June 30, 2025, the company operated approximately **1,600 freestanding stores**[34](index=34&type=chunk)[35](index=35&type=chunk) - Beginning in fiscal 2026, the company will reorganize its geographic reporting into four new regions: The Americas; Europe, the United Kingdom and Ireland and Emerging Markets (EUKEM); Asia/Pacific (including global travel retail); and Mainland China[37](index=37&type=chunk)[42](index=42&type=chunk) Employee Statistics (as of June 30) | Metric | FY 2025 | FY 2024 | | :--- | :--- | :--- | | **Total Employees** | ~57,000 | ~62,000 | | **Demonstrators** | ~35,000 | ~37,000 | | **Full-time Employees** | ~71% | N/A | | **Female Employees** | ~80% | N/A | | **Female VP & Above** | ~61% | N/A | [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to its business, industry, and operations, including intense competition, changing consumer preferences, and operational challenges - The beauty business is highly competitive, with risks from large multinational companies, newer Indie Brands, and rapidly changing consumer preferences and industry trends[85](index=85&type=chunk) - The company's success depends on its ability to anticipate and react to changes in consumer preferences, which can shift rapidly due to digital and social media; failure to do so could adversely affect business[89](index=89&type=chunk) - Acquisitions and strategic investments carry risks such as integration difficulties, diversion of management attention, and potential goodwill impairment, which has occurred in recent fiscal years[93](index=93&type=chunk)[95](index=95&type=chunk) - Economic downturns, disruptions in business conditions (e.g., pandemics, geopolitical conflicts), and events impacting consumer travel can adversely affect sales, particularly in the significant travel retail channel[99](index=99&type=chunk)[101](index=101&type=chunk) - The company relies heavily on information technology and faces cybersecurity risks; incidents could lead to unauthorized access to data, business disruption, reputational damage, and financial obligations[114](index=114&type=chunk)[117](index=117&type=chunk) - The Lauder family beneficially owns shares representing approximately **84%** of the outstanding voting power, giving them significant control over matters requiring stockholder approval and classifying the company as a "controlled company" under NYSE rules, exempting it from certain governance requirements[122](index=122&type=chunk)[124](index=124&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the U.S. Securities and Exchange Commission - None[126](index=126&type=chunk) [Cybersecurity](index=30&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risk through an enterprise risk management framework, overseen by the CISO and Audit Committee, with proactive technologies and incident response - Cybersecurity risk is integrated into the company's overall enterprise risk management framework, with the CISO collaborating with the enterprise risk management team[127](index=127&type=chunk) - The company has a cybersecurity program that includes proactive monitoring, third-party vendor reviews, security policies, and employee training; it also utilizes third-party experts for periodic maturity assessments[128](index=128&type=chunk)[129](index=129&type=chunk) - Governance is provided by the Audit Committee of the Board of Directors, which receives at least semi-annual updates from the CISO; the CISO, with over 20 years of experience, leads the management-level program[132](index=132&type=chunk)[133](index=133&type=chunk) - While cybersecurity incidents have occurred, the company has not identified any risks from these threats that have materially affected or are reasonably likely to materially affect its business, results of operations, or financial condition[131](index=131&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) The company operates numerous principal owned and leased facilities globally for manufacturing, R&D, and distribution, considered adequate for operational needs Principal Facilities by Region (as of August 13, 2025) | Region | Owned | Leased | Total | | :--- | :--- | :--- | :--- | | **The Americas** | 4 | 15 | 19 | | **Europe, the Middle East & Africa** | 6 | 6 | 12 | | **Asia/Pacific** | 1 | 2 | 3 | | **Total** | **11** | **23** | **34** | [Legal Proceedings](index=31&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding the company's legal proceedings is detailed in Note 17 of the Financial Statements and Supplementary Data - For a discussion of legal proceedings, see Item 8. Financial Statements and Supplementary Data – Note 17 – Commitments and Contingencies[137](index=137&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[138](index=138&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock trades on the NYSE under "EL," with a quarterly dividend declared, and its share repurchase program suspended since December 2022 - On August 19, 2025, a dividend of **$0.35 per share** was declared on Class A and Class B Common Stock, payable on September 16, 2025[140](index=140&type=chunk) - The company suspended its publicly announced share repurchase program in December 2022; repurchases in the fourth quarter of fiscal 2025 were limited to satisfying tax withholding obligations on stock-based compensation[142](index=142&type=chunk) [Reserved](index=34&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2025, the company reported a net loss of **$1.13 billion**, a significant decline from net earnings of **$409 million** in fiscal 2024, primarily due to substantial impairment charges and an **8%** decrease in net sales to **$14.33 billion** Consolidated Results of Operations (FY2025 vs. FY2024) | Metric ($ in millions) | FY 2025 | FY 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $14,326 | $15,608 | (8.2)% | | **Gross Profit** | $10,597 | $11,184 | (5.2)% | | **Operating (Loss) Income** | $(785) | $970 | >(100)% | | **Net (Loss) Earnings** | $(1,133) | $409 | >(100)% | | **Diluted (Loss) EPS** | $(3.15) | $1.08 | >(100)% | - The company launched the Profit Recovery and Growth Plan (PRGP) in November 2023, which was expanded in February 2025; the plan is expected to result in restructuring charges of **$1.2 billion to $1.6 billion** and yield annual gross benefits of **$800 million to $1.0 billion** once fully implemented[165](index=165&type=chunk)[170](index=170&type=chunk)[174](index=174&type=chunk) - Fiscal 2025 results were heavily impacted by impairment charges totaling **$1.29 billion**, including **$773 million** for the TOM FORD trademark, **$138 million** for the Too Faced trademark and goodwill, and **$375 million** for the Dr.Jart+ trademark and customer list[178](index=178&type=chunk)[180](index=180&type=chunk)[182](index=182&type=chunk) - Net sales decreased **8%** in fiscal 2025, driven by a **10%** volume decline, partially offset by a **2%** increase from pricing; the decline was most pronounced in the Skin Care category (**-12%**) and the Europe, the Middle East & Africa region (**-12%**), primarily due to weakness in Asia travel retail[193](index=193&type=chunk)[195](index=195&type=chunk)[209](index=209&type=chunk) - Gross margin increased by **230 basis points to 74.0%**, driven by benefits from the PRGP, including lower obsolescence charges and manufacturing cost efficiencies[218](index=218&type=chunk)[219](index=219&type=chunk) - Operating expenses as a percentage of sales increased significantly from **65.4% to 79.4%**, primarily due to the large impairment charges, restructuring costs, and a **$159 million** charge for talcum litigation settlement agreements[222](index=222&type=chunk)[223](index=223&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the Market Risk discussion within Item 7, which details the company's management of financial exposures through derivative instruments for foreign currency, interest rate, and credit risks - The company uses foreign currency forward contracts and interest rate derivatives to manage market risk; a hypothetical **10%** weakening of the U.S. dollar would have resulted in a net decrease in the fair value of its foreign currency forward contract portfolio of approximately **$223 million** as of June 30, 2025[266](index=266&type=chunk) - A hypothetical **100 basis point** increase in interest rates would decrease the estimated fair value of the company's interest rate derivatives by approximately **$43 million** as of June 30, 2025[268](index=268&type=chunk) [Financial Statements and Supplementary Data](index=67&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item incorporates by reference the company's consolidated financial statements and supplementary data, which begin on page F-1 of the annual report - The required information for this item begins on page F-1 of the Annual Report on Form 10-K[289](index=289&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=67&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[290](index=290&type=chunk) [Controls and Procedures](index=67&type=section&id=Item%209A.%20Controls%20and%20Procedures) The company's management, including the CEO and CFO, evaluated its disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[291](index=291&type=chunk) - No changes in internal control over financial reporting occurred during the fourth quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[292](index=292&type=chunk) [Other Information](index=68&type=section&id=Item%209B.%20Other%20Information) During the fourth quarter of fiscal 2025, none of the company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the fourth quarter of fiscal 2025[295](index=295&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=68&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[296](index=296&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=69&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item, beyond what is already provided in Item 1, will be incorporated by reference from the company's 2025 Proxy Statement, to be filed within 120 days of the fiscal year-end - Required information will be included in the 2025 Proxy Statement and is incorporated herein by reference[298](index=298&type=chunk) [Executive Compensation](index=69&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation will be incorporated by reference from the company's 2025 Proxy Statement - Required information will be included in the 2025 Proxy Statement and is incorporated herein by reference[300](index=300&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=69&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides details on the company's equity compensation plans as of June 30, 2025; other required information regarding security ownership will be incorporated by reference from the 2025 Proxy Statement Equity Compensation Plan Information as of June 30, 2025 | Plan Category | Securities to be issued upon exercise (options, warrants, rights) | Weighted-average exercise price ($) | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | **Equity compensation plans approved by security holders** | 14,234,962 | $175.21 | 15,285,363 | [Certain Relationships and Related Transactions, and Director Independence](index=70&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence will be incorporated by reference from the company's 2025 Proxy Statement - Required information will be included in the 2025 Proxy Statement and is incorporated herein by reference[305](index=305&type=chunk) [Principal Accounting Fees and Services](index=70&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services will be incorporated by reference from the company's 2025 Proxy Statement - Required information will be included in the 2025 Proxy Statement and is incorporated herein by reference[306](index=306&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=71&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including corporate governance documents, debt indentures, material contracts, and certifications - This item provides a comprehensive list of all exhibits filed as part of the Annual Report on Form 10-K, incorporating many by reference to previous filings[308](index=308&type=chunk) [Form 10-K Summary](index=78&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for its Form 10-K - None[317](index=317&type=chunk) Financial Statements and Supplementary Data [Consolidated Financial Statements](index=85&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for the fiscal year ended June 30, 2025, show a net loss of **$1.13 billion** on net sales of **$14.33 billion**, compared to net earnings of **$409 million** in the prior year, with decreased assets and equity Key Financial Statement Data (FY 2025) | Metric ($ in millions) | Amount | | :--- | :--- | | **Net Sales** | $14,326 | | **Net (Loss) Earnings** | $(1,133) | | **Total Assets** | $19,892 | | **Total Liabilities** | $16,027 | | **Total Equity** | $3,865 | | **Net Cash from Operating Activities** | $1,272 | [Notes to Consolidated Financial Statements](index=90&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial results, including significant impairment charges, the expanded PRGP, a U.S. deferred tax asset valuation allowance, and a talcum litigation settlement charge - **Goodwill and Intangible Assets (Note 6):** The company recorded significant impairment charges in fiscal 2025 totaling **$1.286 billion** for other intangible assets and **$13 million** for goodwill, primarily related to the TOM FORD, Dr.Jart+, and Too Faced brands due to lower-than-expected growth and increased discount rates[465](index=465&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) - **Restructuring (Note 8):** The Profit Recovery and Growth Plan (PRGP) was expanded, with total expected restructuring charges estimated between **$1.2 billion and $1.6 billion**; as of June 30, 2025, cumulative charges of **$610 million** have been recorded under this program[496](index=496&type=chunk)[508](index=508&type=chunk) - **Income Taxes (Note 9):** A U.S. valuation allowance of **$172 million** was established against deferred tax assets (foreign tax and R&D credits) due to uncertainty about their future realization, driven by lower U.S. taxable income[536](index=536&type=chunk) - **Commitments and Contingencies (Note 17):** The company recorded a charge of **$159 million** in Q1 FY25 for talcum litigation settlement agreements to resolve pending and potential future claims through 2029[647](index=647&type=chunk)[648](index=648&type=chunk) - **Segment Data (Note 24):** Skin Care remains the largest product category with **$7.0 billion** in net sales, followed by Makeup at **$4.2 billion**; by geography, Europe, the Middle East & Africa is the largest region with **$5.4 billion** in sales, followed by Asia/Pacific at **$4.5 billion**[692](index=692&type=chunk)

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, highlighting a disciplined framework that combines fundamental analysis and macroeconomic factors [1]. Group 1: Investment Strategy - The focus is on companies that exhibit robust, consistent, and predictable cash flows, which facilitate accurate valuation and sensitivity analysis [1]. - The investment approach is sector and asset class agnostic, indicating a broad search for value and alpha across various markets [1]. - Attention to macroeconomic developments is crucial, as these factors can influence market cycles and affect valuation discounts or premiums [1]. Group 2: Market Engagement - The motivation to write on Seeking Alpha is to share insights and engage in discussions with the investment community, aiming to provide actionable ideas [1]. - The article encourages interaction with both novice and seasoned investors, fostering a collaborative environment for exchanging important insights [1].

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]

每经AI快讯，美股三大指数开盘涨跌互现，道琼斯指数涨0.13%，标普500指数跌0.08%，纳斯达克综合 指数跌0.28%。雅诗兰黛低开5%，公司2025财年营业收入同比下降8%。赫兹租车涨超15%，公司宣布 将在亚马逊上销售二手车辆。 ...

| 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 ...

雅诗兰黛跌4.2%，业绩指引不及预期。塔吉特跌10.5%，维持财年销售展望。爱尔康跌9.1%，关税影响 持续，下调全年销售额预期。赫兹涨13.5%，公司宣布将在亚马逊汽车平台上销售二手车。 来源：滚动播报 ...

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 ...