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雅诗兰黛第四财季销售额超预期,2026财年利润指引低于预期,美股盘前大跌15%
美股IPO·2025-08-20 12:17

Core Viewpoint - Estée Lauder reported stronger-than-expected quarterly results but provided disappointing full-year guidance, leading to a nearly 15% drop in stock price during pre-market trading [3]. Financial Performance - For the fourth fiscal quarter ending June 30, net sales reached $3.41 billion, exceeding market expectations of $3.4 billion [3][5]. - Adjusted earnings per share were $0.09, surpassing analyst expectations of $0.073 [3][6]. - The company forecasts adjusted earnings per share for fiscal year 2026 to be between $1.90 and $2.10, below the analyst average estimate of $2.21 [6]. Growth Outlook - Estée Lauder anticipates organic net sales growth for fiscal year 2026 to be between 0% and 3%, slightly above the market expectation of 1.94% [5]. - This growth forecast indicates a potential recovery from an 8% decline in organic sales in the previous fiscal year, but remains conservative [5]. Challenges - The company expects tariff-related headwinds to impact fiscal year 2026 profitability by approximately $100 million, primarily due to comprehensive tariffs imposed on imported products [7]. - Estée Lauder is working to reduce reliance on duty-free shops in China and South Korea, which previously contributed up to one-third of its revenue [7]. - The company faces ongoing challenges in the key markets of China and the U.S., which will directly affect its ability to meet conservative growth expectations [7]. Strategic Initiatives - Under the leadership of new CEO Stéphane de La Faverie, the company is implementing transformation measures, including cost-cutting through layoffs and outsourcing, while increasing sales efforts on platforms like Amazon and TikTok [8]. - This strategic shift indicates a move away from the long-standing dependency on department store channels [9]. - The long-term success of these initiatives largely depends on the recovery of sales in the Chinese market and gaining market share in the U.S., as the company faces competition from rivals like L'Oréal and emerging brands [9].