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雅诗兰黛净利大跌390%
盐财经·2025-08-24 09:04

Core Viewpoint - Estée Lauder has reported its largest loss in two decades, with a net sales decline of 8% to $14.326 billion and a staggering 390% drop in net profit, resulting in a loss of $1.133 billion for the fiscal year 2025 [4][6]. Financial Performance - For fiscal year 2025, Estée Lauder's net sales were $14.326 billion, down 8% year-over-year, and net profit plummeted from $390 million to a loss of $1.133 billion [4][6]. - The stock price fell nearly 15% following the earnings report, closing at $91.23, down from $374.2 at the beginning of 2022 [4][6]. - Morgan Stanley maintains a "neutral" bearish rating on Estée Lauder, predicting a potential decline of over 20% in the stock price over the next 12 months [6]. Product Category Performance - The majority of Estée Lauder's main product categories saw significant declines, with skincare and scalp care down 12% and 10% respectively, and makeup down 6% [9]. - The only category that showed growth was the fragrance segment, which remained stable, with brands like Le Labo contributing to double-digit growth [13][14]. - The decline in makeup sales was attributed to poor performance from the M·A·C brand and a $159 million expense related to a talc lawsuit settlement [9]. Market Trends and Consumer Behavior - There is a noticeable shift in consumer preferences towards cost-effective and ingredient-safe products, impacting Estée Lauder's high-end positioning [10]. - From 2021 to 2024, the compound annual growth rate for high-end beauty in China is expected to decline by 3%, with the market size shrinking from 257.8 billion yuan to 236.4 billion yuan [10]. - The fragrance market in China is still in its infancy, with a penetration rate of only 5%, compared to 40% in Western markets, indicating significant growth potential [13]. Strategic Changes and Future Outlook - Estée Lauder's management is optimistic about achieving organic sales growth in fiscal year 2026 and aims to restore operational profitability [6][11]. - The company plans to restructure its regional framework, with China being reported as an independent region starting from Q1 of fiscal year 2026 [7]. - The CEO has initiated significant operational changes, including a global layoff target of approximately 7,000 positions, with over 3,200 already cut [11]. Challenges Ahead - Despite the current performance of the fragrance segment, there are concerns about sustaining growth due to increasing competition from established luxury brands [15]. - The overall beauty market is becoming more competitive, and Estée Lauder must adapt to rapidly changing consumer preferences to remain relevant [16].