Core Viewpoint - Estée Lauder reported its largest loss in two decades, with a net sales decline of 8% to $14.326 billion and a net profit drop of 390%, resulting in a loss of $1.133 billion for the fiscal year 2025 [2][4]. 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 [2]. - The stock price fell nearly 15% following the earnings report, closing at $91.23, down from $374.2 at the beginning of 2022 [2]. - The company anticipates a net sales growth of 2% to 5% and an adjusted earnings per share of $1.90 to $2.10 for fiscal year 2026, representing a year-over-year increase of 26% to 39% [9]. Product Category Performance - All major product categories, except for fragrance, experienced declines in net sales. Skin care and scalp care dropped by 12% and 10%, respectively, while color cosmetics fell by 6% [6]. - The fragrance category remained stable, with brands like Le Labo contributing to double-digit growth [11]. - The skin care segment, previously a strong performer, saw a 22% decline in operating profit, primarily due to underperformance from core brands Estée Lauder and La Mer [6]. Market Trends - Consumer preferences have shifted towards cost-effective and ingredient-safe products, impacting Estée Lauder's high-end positioning [7]. - The Chinese fragrance market is still in its infancy, with a penetration rate of only 5%, compared to over 40% in Western markets, indicating significant growth potential [11]. - The overall market for high-end cosmetics in China is projected to decline, with a compound annual growth rate of -3% from 2021 to 2024 [7]. Strategic Initiatives - The company is undergoing significant operational changes, including a global workforce reduction of approximately 7,000 positions, with over 3,200 already cut [9]. - Estée Lauder plans to enhance its product innovation, aiming for new products to account for over 25% of sales in fiscal year 2026 [8][12]. - The management remains optimistic about achieving organic sales growth in fiscal year 2026 despite current challenges [4].

记者丨 高江虹 实习生陈晓冉 编辑丨张伟贤 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间，雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战 略方向，但雅诗兰黛业绩依旧低迷。2025财年，其净销售额为143.26亿美元，同比下滑8%， 净利润同比暴跌390%，从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉，股价立即跳水。当日，雅诗兰黛美股盘前一度跌近15%。截至美东时间周五 收盘，股价为91.23美元，而2022年年初时其股价曾高达374.2美元。 华尔街金融巨头摩根士丹利发布研报，维持对雅诗兰黛股票的"中性"看跌评级， 并预计雅诗 兰黛股价将进一步下跌， 未来12个月内潜在跌幅超过20%。 对此，雅诗兰黛管理层对此泰然自若，"业绩整体符合预期，"雅诗兰黛集团总裁兼首席执行官 司泰峰（Stéphane de La Faverie）表示，有信心在2026财年实现有机销售额增长，开始重建 营运盈利能力，并在未来几年实现稳健的两位数调整后营业利润率。 值得关注的是，自2026财年Q1起，雅诗兰黛集团调整区域架构，未来中国大陆将作为独立地 区进行业绩列报 ...

Core Viewpoint - Estée Lauder reported its largest loss in two decades for the fiscal year 2025, with net sales declining by 8% to $14.326 billion and a net profit drop of 390%, resulting in a loss of $1.133 billion [1][2] Group 1: Financial Performance - For fiscal year 2025, Estée Lauder's net sales were $14.326 billion, down 8% year-over-year, and net profit fell from $390 million to a loss of $1.133 billion [1] - The stock price dropped nearly 15% following the earnings report, with current shares at $87.72, down from $374.2 at the beginning of 2022 [1] - Morgan Stanley maintains a "neutral" bearish rating on Estée Lauder, predicting a potential decline of over 20% in the next 12 months [1] Group 2: Product Category Performance - All major product categories except for fragrance saw declines, with skincare and scalp care down 12% and 10% respectively, and makeup down 6% [2] - The fragrance category remained stable, with brands like Le Labo contributing to double-digit growth [5][6] - The skincare segment, previously a stronghold, faced significant declines attributed to underperformance of key brands like Estée Lauder and La Mer [2] Group 3: Market Trends and Consumer Behavior - Consumers are increasingly focused on cost-effectiveness and product efficacy, impacting Estée Lauder's high-end positioning [3] - The Chinese high-end beauty market is experiencing a compound annual growth rate decline of 3% from 2021 to 2024, with a market size reduction from 257.8 billion to 236.4 billion [3] - Emerging brands are capturing market share from traditional giants by offering innovative products and marketing strategies [3] Group 4: Strategic Changes and Future Outlook - Estée Lauder is undergoing significant operational changes, including a global workforce reduction of approximately 7,000 positions, with over 3,200 already cut [4] - The company projects a net sales growth of 2% to 5% for fiscal year 2026, with adjusted earnings per share expected to rise by 26% to 39% [4] - The company plans to enhance its product innovation, aiming for innovative products to account for over 25% of sales in fiscal year 2026 [3][4] Group 5: Fragrance Market Potential - The fragrance market in China is still in its infancy, with a penetration rate of only 5%, compared to over 40% in Western markets [5] - The fragrance segment is expected to grow at a compound annual growth rate of 21.78% from 2021 to 2026, outpacing most other beauty categories [5] - Despite current success, the fragrance business faces challenges from established luxury brands and shifting consumer preferences [7]

Core Viewpoint - Estée Lauder is facing significant challenges in its recovery path, with a decline in net sales and operating income amid economic downturns and geopolitical factors [1][3]. Financial Performance - For the fiscal year 2025, Estée Lauder reported a net sales decline of 8% year-over-year, totaling $14.33 billion (approximately ¥1028.01 billion) [1][2]. - The company's gross profit decreased by 5% to $10.60 billion, with a gross margin of 74.0% [2]. - Operating income turned into a loss of $785 million, marking a significant decline from a profit of $970 million in the previous year [2][6]. - The diluted net loss per share was $3.15, compared to earnings of $1.08 per share in the prior year [2]. Business Segment Performance - The only category to show growth was the fragrance segment, which remained flat with a slight increase, while skincare, makeup, and hair care categories experienced declines of 12%, 6%, and 10% respectively [4][6]. - The skincare segment's decline was attributed to decreased sales of brands like Estée Lauder and La Mer, alongside a drop in Asian travel retail sales [7][11]. - The makeup segment's downturn was primarily due to poor performance from brands like M·A·C and Too Faced [7][8]. Regional Performance - All regions reported declines in net sales, with the EMEA region experiencing the largest drop of 12%, followed by Asia/Pacific at 7% and the Americas at 4% [10][11]. - In mainland China, net sales fell by 6%, influenced by a challenging retail environment and low consumer sentiment [11][14]. Strategic Initiatives - Estée Lauder is undergoing a restructuring plan (PRGP) aimed at restoring profitability, which has already led to over 3,200 job cuts, with projections of total cuts reaching between 5,800 to 7,000 positions [19][22]. - The company anticipates that the restructuring will incur pre-tax costs between $1.6 billion to $3.3 billion [19]. Future Outlook - Despite current challenges, Estée Lauder's management expressed confidence in achieving organic sales growth in fiscal year 2026 and aims to rebuild operational profitability [3][22]. - The company plans to report its financials based on a new geographical structure starting Q1 of fiscal year 2026, which will include China as a separate reporting region [11][19].

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]