昨日（2 0 2 5年5月1日），雅诗兰黛集团发布2 0 2 5财年第三季度财报，中国大陆市场逆势交出 关键答卷—— 实现中个位数增长。至此，中国市场在过去的四个季度中，有三个季度实现市 场份额的扩大 。 尽管其全球净销售额同比下滑1 0%至3 5 . 5亿美元（约合人民币2 5 8 . 1 4亿），但这一成绩在亚洲 旅游零售渠道收缩、消费情绪疲软的背景下尤显韧性。 面 对 关 税 政 策 的 不 确 定 性 ， 雅 诗 兰 黛 集 团 首 度 明 确 表 态 ： 持 续 多 年 的 全 球 供 应 链 区 域 化 布 局，是应对贸易环境波动的重要资产。财报强调，通过灵活调整生产与物流网络，集团有能力 缓冲高关税对成本端的冲击 。 " 2 0 2 5财年第三季度，我们实现了有机销售额的预期，并超出了盈利预期。 "对于上任以来的 首份成绩单，雅诗兰黛集团总裁兼首席执行官司泰峰（St é p h a n e d e La Fa v e ri e）表示满意。 那么，雅诗兰黛集团是如何在变革中稳住基本盘？中国市场的战略地位又将如何重塑其全球版 图？ | 截图自雅诗兰黛集团2025财年第三季度财报 | | --- | ...

另据了解，随着"重塑美妆新境"战略愿景五大优先事项的实施，公司正加速优化消费者覆盖。包括如果消费者认可某个零售商，且其有助于品牌建设，公司会毫不犹豫地进入。 例如，在第三财季至4月期间：研度公式（The Ordinary）进入中国大陆市场，并在抖音和天猫上取得了强劲表现。 近日，雅诗兰黛发布2025财年第三季度报告。披露公司该季度销售额同比下降约9.8%至35.5亿美元。剔除旅游零售业务后，有机净销售额下降3%，相较于第二财季4%的下降幅度 有所改善。 | 图片来源：企业公告截图 | | --- | 为顺应行业趋势，雅诗兰黛正在积极推进旅游零售业务的战略调整。当前，旅游零售业务在公司整体业务中的占比持续下降至较低的两位数水平。剔除旅游零售业务后，公司的 全球零售销售额呈现出环比增长。在纯电商和第三方平台的推动下，公司的线上渠道有机销售额实现了中个位数增长。 在亚太地区，公司有机净销售额下降1%。中国大陆实现的中个位数增长，部分抵消了韩国等地区的销售额下降。创新产品如海蓝之谜（La Mer）浓缩修护精华膏和汤姆·福特 （Tom Ford）幻魅亮泽唇膏推动了所属品牌在中国市场的有机销售额实现两位数增长。 得益于勒 ...

Core Insights - The Estee Lauder Companies Inc. reported third-quarter fiscal 2025 results with both net sales and earnings declining year over year, primarily due to weak consumer sentiment and reduced conversion rates in China [1][2] Financial Performance - Adjusted earnings were 65 cents per share, surpassing the Zacks Consensus Estimate of 29 cents, but down 33% from 97 cents in the prior year [2] - Quarterly net sales reached $3,550 million, exceeding the Zacks Consensus Estimate of $3,507.2 million, but reflecting a 10% decline year over year [2] - Organic net sales decreased by 9% to $3,605 million [2] Category-Wise Revenue Results - Skin Care sales fell 12% year over year to $1,807 million, impacted by weak consumer sentiment and lower conversion rates among Chinese shoppers [3] - Makeup revenues declined 9% to $1,035 million, primarily due to weaker sales from key brands like M·A·C and Estée Lauder [4] - Fragrance revenues decreased 3% to $557 million, largely due to lower performance from Clinique and Estee Lauder [4] - Hair Care sales totaled $126 million, down 12% year over year, mainly due to Aveda's weaker performance [5] Regional Revenue Results - Sales in the Americas fell 6% year over year to $1,052 million [6] - Revenues in the EMEA region declined 18% to $1,358 million [6] - Asia-Pacific region sales tumbled 3% to $1,140 million [6] Margin Analysis - Adjusted gross margin improved by 310 basis points to 75%, driven by the Profit Recovery and Growth Plan (PRGP) [7] - Adjusted operating margin contracted by 270 basis points to 11.4%, due to increased investments and sales volume deleverage [8] Financial Health - The company exited the quarter with cash and cash equivalents of $2,631 million, long-term debt of $7,298 million, and total equity of $4,345 million [9] - Net cash flow from operating activities for the nine months ended March 31, 2025, was $671 million, with capital expenditures of $395 million [10] Restructuring and Future Outlook - The PRGP aims to transform the operating model, with expected restructuring charges between $1.2 billion and $1.6 billion before taxes [12][13] - The company anticipates a decline in reported net sales of 8-9% for fiscal 2025, with adjusted organic net sales expected to fall by the same percentage [14] - Adjusted EPS is projected to slump by 40-50%, ranging from $1.30 to $1.55 for fiscal 2025 [15]

Kimco Realty (KIM) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good day, everyone, and welcome to The Estee Lauder Companies Fiscal twenty twenty five Third Quarter Conference Call. Today's webcast is being recorded. For opening remarks and introductions, I would like to turn the call over to the Senior Vice President of Investor Relations, Ms. Rainey Mancini. Speaker1 Hello. On today's webcast are Stephane Della Pavri, President and Chief Executive Officer and Akhil Srivastava, Executive Vice P ...

The Estée Lauder Companies (EL) Q3 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good day, everyone, and welcome to The Estee Lauder Companies Fiscal twenty twenty five Third Quarter Conference Call. Today's webcast is being recorded. For opening remarks and introductions, I would like to turn the call over to the Senior Vice President of Investor Relations, Ms. Rainey Mancini. Speaker1 Hello. On today's webcast are Stephane Della Pavri, President and Chief Executive Officer and Akhil Srivastava, Exe ...

The Estée Lauder Companies (EL) Q3 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Rainey Mancini - SVP, IRStéphane de La Faverie - President and Chief Executive OfficerAkhil Shrivastava - Executive Vice President & Chief Financial OfficerBonnie Herzog - Managing Director Lauren Lieberman - Managing DirectorFilippo Falorni - Director - Equity ResearchDara Mohsenian - Managing Director - US Beverage/Household Products Sectors Conference Call Participants Steve Powers - Equity Research Analys ...

Kimco Realty (KIM) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Rainey Mancini - SVP, IRStéphane de La Faverie - President and Chief Executive OfficerAkhil Shrivastava - Executive Vice President & Chief Financial OfficerLauren Lieberman - Managing Director Conference Call Participants Stephen Powers - AnalystBonnie Herzog - AnalystFilippo Falorni - AnalystPeter Grom - Equity Research AnalystDara Mohsenian - AnalystBryan Spillane - Analyst Operator Good day, everyone, and welcome to Th ...