Core Insights - Estee Lauder Companies, Inc. reported stronger-than-expected quarterly results, driven by broad-based demand across its prestige beauty portfolio [1] - The company’s second-quarter adjusted earnings per share were 89 cents, exceeding the analyst consensus estimate of 83 cents [1] - Quarterly sales reached $4.229 billion, reflecting a 6% year-over-year increase and surpassing the expected $4.219 billion [1] Financial Performance - The firm raised its fiscal 2026 adjusted earnings forecast to a range of $2.03-$2.23 per share from a previous range of $1.90-$2.10, compared to analysts' estimates of $2.15 [3] - Fiscal 2026 sales forecast was increased to $14.756 billion–$15.042 billion from $14.613 billion–$15.042 billion, against analysts' estimates of $14.934 billion [3] - Following the earnings announcement, Estee Lauder shares gained 5.1%, trading at $101.59 [3] Analyst Ratings - Wells Fargo analyst maintained Estee Lauder with an Equal-Weight rating and lowered the price target from $111 to $105 [4] - Telsey Advisory Group analyst maintained a Market Perform rating with a price target of $105 [4] - Citigroup analyst upgraded Estee Lauder from Neutral to Buy, maintaining a price target of $120 [4]

Core Viewpoint - Estée Lauder Companies reported strong second-quarter results for fiscal year 2026, exceeding market expectations and continuing positive growth from the first quarter [3][4]. Financial Performance - The company raised its full-year guidance for fiscal year 2026, expecting organic net sales growth of 1%-3% and adjusted operating margin of 9.8%-10.2% [4]. - Net sales reached $4.229 billion (approximately 260.08 billion RMB), a 6% year-over-year increase [4]. - Adjusted operating margin expanded significantly by 290 basis points to 14.4%, with adjusted EPS rising 43% to $0.89 [4][5]. Market Performance - The skincare and fragrance segments were the main growth drivers, with skincare sales increasing by 7% to $2.054 billion (approximately 126.32 billion RMB) and fragrance sales growing by 9% to $812 million (approximately 49.94 billion RMB) [6][8]. - The China market showed double-digit growth, significantly contributing to the overall performance, driven by strong brand performance during key shopping events [6][13]. Strategic Initiatives - The company is undergoing a comprehensive restructuring under the "Beauty Reimagined" strategy, focusing on operational efficiency and digital transformation [26][30]. - The "Profit Recovery and Growth Plan" (PRGP) aims to optimize global operations and reduce costs, with over 6,000 positions cut to enhance profitability [27][30]. Future Outlook - Despite the strong performance, the company anticipates slower growth in the second half of the fiscal year due to increased consumer-facing investments and external tariff pressures [16][31]. - The focus will shift from recovery to building a sustainable growth model, emphasizing product innovation and market expansion [30][31].

Core Insights - Estée Lauder Companies reported a 6% increase in net sales for Q2 of fiscal year 2026, reaching $4.2 billion, with organic net sales growing by 4% [1] Financial Performance - Adjusted gross margin increased by 40 basis points from 76.1% to 76.5%, primarily due to the benefits from the Profit Recovery and Growth Plan (PRGP) [1] - Operating profit margin improved significantly to 9.5% from -14.5% year-over-year, with adjusted operating margin expanding by 290 basis points from 11.5% to 14.4% [1] Operational Efficiency - The benefits from the PRGP were attributed to enhanced operational efficiency, including competitive procurement strategies, cost optimization, and reduction of excess and slow-moving inventory [1] - Despite the normalization of employee incentive costs, the net benefits from the PRGP effectively reduced non-consumer-facing expenses and provided funding support for increased consumer-facing investments [1]

花旗集团将雅诗兰黛评级从中性上调至买入后，该公司股价在盘前上涨1.7%。 来源：滚动播报 ...

本文来自微信公众号： 有数DataVision ，作者：赵瑜，编辑：黎铮，责任编辑：赵瑜 2026年开年，雅诗兰黛进入了一种薛定谔的状态。 以下文章来源于有数DataVision ，作者赵瑜 有数DataVision . 数据表象与商业真相 一边是史上最大规模的裁员与重组，雅诗兰黛的业绩回暖，可以说全靠降本增效；另一边却是富国银行、美银证券等华尔街券商集体上调雅诗兰黛评级 与目标价。 过去五年，雅诗兰黛的市值一度蒸发了1100亿，市值打了三折以后，又在去年成功挽回210亿美元。只是，眼见隔壁欧莱雅的股价走出截然不同的上扬 曲线，沉默的巨头难免落寞。 但在去年，主品牌雅诗兰黛的在淘天平台的均价已经跌破600元，贵妇们挥手而去，留下网友真诚发问：雅诗兰黛为什么越来越便宜了？ 放眼美妆乃至快消行业，动荡的巨头不止雅诗兰黛。2025年，宝洁、联合利华、高丝、科蒂、资生堂等巨头纷纷换帅，裁员、收缩已然是行业年度关键 词。 其中，雅诗兰黛的进退维谷尤为显眼。在这场高端美妆的艰难转身里，雅诗兰黛未必是最激进的那一个，但一定是领悟最痛彻的那一个。 掉队巨头忙自救 二代掌门人莱纳德·兰黛，没能亲眼看到雅诗兰黛的改革成效。 去年 ...

Core Viewpoint - Estée Lauder is undergoing a gradual but clear recovery, as evidenced by its latest financial report showing a net sales increase of $4.229 billion (approximately 29.353 billion RMB), a year-on-year growth of 6%, and a net profit turnaround from a loss of $590 million (approximately 4.095 billion RMB) in the same quarter of the previous fiscal year to a profit of $162 million (approximately 1.124 billion RMB), marking a significant improvement of 127% [3][4]. Financial Performance - The company has achieved double-digit growth for the second consecutive quarter, with skincare, makeup, fragrance, and scalp care all showing growth, and the latter three categories returning to profitability [3]. - For the fiscal year 2026, Estée Lauder anticipates a return to positive revenue growth, projected between 0% and 3% [4]. - Over the past 12 months, the company's stock price has increased by 46.59% [4]. Strategic Initiatives - The recovery strategy, termed "Beauty Reimagined," focuses on cost-cutting measures such as layoffs, outsourcing non-core services, and divesting underperforming brands while reallocating resources to brands and products with growth potential [5]. - Deciem, a Canadian skincare group, has seen sales surpassing the total of all other skincare brands under Estée Lauder, marking a historic first for the company [5]. - The Ordinary, a key brand under Deciem, has been able to innovate products at a faster pace than traditional brands within the group, launching nine new products in the past year [6]. Brand Development - The luxury skincare brand La Mer is transitioning from a single star product to a more comprehensive high-end skincare system, with an increased pace of new product launches [7]. - Estée Lauder has significantly increased its investment in e-commerce platforms like Amazon, Shopify, TikTok, and Douyin, adopting an aggressive advertising strategy that matches advertising spend to revenue [7]. - Online sales now contribute nearly one-third of the company's total revenue, an increase of approximately 3 percentage points from 2024 [7]. Market Expansion - The company is seeking to rebalance growth by expanding in the Americas and emerging markets without sacrificing its position in the Chinese market [8]. - Estée Lauder has invested in two local Chinese brands, CODEMINT and Melt Season, and is consciously reducing its reliance on duty-free channels in China and South Korea [9]. Asset Management - The company is divesting brands such as Too Faced, Smashbox, and Dr. Jart due to declining growth potential in the competitive market [10]. - The estimated valuation for these assets is in the low nine-digit dollar range, significantly below historical acquisition costs [10]. Investor Focus - Investors are primarily concerned with the company's ability to achieve moderate sales growth without exacerbating balance sheet pressures and the timeline for a return to profitability [11]. - The recovery path is expected to require time, patience, and consistent execution [12].

Core Insights - The company reported strong performance in Q2 of FY2026, with a 6% year-over-year increase in net sales, reaching $4.2 billion, and a 4% organic net sales growth [2] - The adjusted gross margin increased by 40 basis points from 76.1% to 76.5%, primarily due to the benefits from the Profit Recovery and Growth Plan (PRGP) [2] - The operating profit margin improved significantly to 9.5% from -14.5% year-over-year, with an adjusted operating profit margin expanding by 290 basis points from 11.5% to 14.4% [2] Market Performance - In the China mainland market, organic net sales grew by 13% year-over-year, achieving double-digit growth for the second consecutive quarter, outperforming the overall high-end beauty market [3] - The company has raised its full-year outlook for FY2026, expecting organic net sales growth of 1% to 3% and an adjusted operating profit margin between 9.8% and 10.2% [3] Strategic Initiatives - The CEO highlighted that the "Reimagining Beauty" strategy has revitalized the business and driven significant operational, leadership, and cultural transformation [4] - The company plans to mitigate the impact of tariffs, estimated to affect FY2026 earnings by approximately $100 million, through trade projects, flexible supply chain management, and optimizing regional production layouts [3]

Core Viewpoint - Concerns over growth and weak labor market data have led to significant declines in the U.S. stock market, with the S&P 500 index turning negative for the year [2][3][4]. Group 1: Market Performance - The Dow Jones Industrial Average fell nearly 600 points, a decline of approximately 1.2% [3]. - The S&P 500 index also dropped by 1.2%, marking a year-to-date downturn [3]. - The Nasdaq Composite Index decreased by 1.6%, continuing its most severe decline since April of the previous year [4]. Group 2: Sector Performance - Technology stocks and speculative bets on Wall Street experienced renewed declines, with the information technology sector of the S&P 500 falling by 1.7% [4]. - Software stocks saw significant drops, with Microsoft down 5% and Salesforce down 4.7% [4]. - The consumer discretionary sector faced severe losses, with DoorDash down 6.1% and both Lululemon and Ralph Lauren down over 4% [3]. Group 3: Individual Company Performance - Estée Lauder's stock plummeted by 19%, the largest decline among S&P 500 constituents, due to anticipated profit reductions of about $100 million related to tariffs [5]. - Cummins, an engine manufacturer, saw its stock drop by 11%, marking its largest single-day percentage decline since the onset of the COVID-19 pandemic [5]. - McKesson, a diversified healthcare services company, reported strong earnings, leading to a 17% increase in its stock price, the highest gain in the S&P 500 index [5]. Group 4: Commodity and Cryptocurrency Performance - Bitcoin fell by 13%, contributing to a 19% drop in the stock price of cryptocurrency firm Coinbase, marking its 13th consecutive day of decline [4]. - Silver prices decreased by 9.1% [4].

2月6日，雅诗兰黛集团发布2026财年第二季度财报。当中披露，公司本季度净销售额增长 6%，达到 42.29亿美元；有机净销售额增长 4%。净利润层面扭亏为盈，实现盈利1.62亿美元。 报告期内，公司调整后毛利率增加 40 个基点，从 76.1%增至76.5%。这主要得益于公司利润恢复与增长 计划（PRGP）带来的净效益，大幅抵消业务结构变化及通胀因素等带来的影响。利润恢复与增长计划 的效益源于运营效率的提升，包括更具竞争力的采购策略、费用优化，以及过剩与滞销库存的减少。 报告期内，公司营业利润率为 9.5%，较上年同期的 -14.5% 显著改善。调整后营业利润率扩大 290 个基 点，从 11.5% 提升至14.4%，主要得益于利润恢复与增长计划带来的净效益。尽管员工激励成本回归常 态，该净效益仍有效降低了非面向消费者的费用开支，并为增加面向消费者的投资提供了资金支持。 | (lis relationis) | | | | Three Months Ended December 31, 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - Estee Lauder Companies Inc. experienced a significant decline in share price, dropping by 19.19% to $96.66 due to a weak business outlook for fiscal year 2026 [1] - The company anticipates a $100 million impact on full-year profitability from tariffs, particularly affecting operations in Switzerland, Canada, China, Mexico, Europe, and Japan [2] - Despite the projected tariff impact, Estee Lauder raised its fiscal 2026 full-year outlook, targeting organic sales growth of 1 to 3% and an adjusted operating margin of 9.8% to 10.2% [3] Group 2 - In the second quarter of fiscal year 2026, Estee Lauder reported a net income of $162 million, a turnaround from a net loss of $590 million in the same period last year [4] - Net sales increased by 6% to $4.2 billion compared to $4 billion year-on-year [4] - The company is undergoing a corporate restructuring that will result in layoffs of between 5,800 and 7,000 employees [3]