NATIONAL & US NEWS

Estee Lauder to cut up to 7,000 jobs as sales slide

Feb 4, 2025, 7:48 AM

FILE - Estee Lauder products are displayed at a store in Boston, Friday, Aug. 25, 2017. (AP Photo/C...

FILE - Estee Lauder products are displayed at a store in Boston, Friday, Aug. 25, 2017. (AP Photo/Charles Krupa, File)
Credit: ASSOCIATED PRESS

(AP Photo/Charles Krupa, File)

NEW YORK (AP) — Estee Lauder may trim as many as 7,000 jobs by fiscal 2026, more than 11% of its workforce, after the global beauty cosmetics maker lost money in its most recent quarter as reported a 6% sales slump.

The New York company behind such brands as MAC, La Mer and Aveda tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty.

China announced retaliatory tariffs on some American imports and an antitrust investigation into Google on Tuesday, just minutes after a sweeping levy on Chinese products imposed by U.S. President Donald Trump took effect.

Estee Lauder expects to book restructuring and other charges related to the job cuts of between $1.2 billion and $1.6 billion, before taxes.

As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company’s latest annual filing.

“We are significantly transforming our operating model to be leaner, faster, and more agile,” said CEO Stéphane de La Faverie, who became the company’s top executive last month.

The company posted sales of $4 billion in the latest quarter, down from $4.28 billion in the same period last year.

Estee Launder now expects profit of between 24 cents and 34 cents in the current quarter, far below the 61 cents that Wall Street had been expecting, according to FactSet.

Shares of The Estée Lauder Companies Inc. fell nearly 15%, or $12.14, Tuesday.

National & US News

President Donald Trump speaks to reporters aboard Air Force One where Trump signed a proclamation d...

Associated Press

Trump says he is serious about Canada becoming 51st state in Super Bowl interview

WASHINGTON (AP) — President Donald Trump said he is serious about wanting Canada to become the 51st state in an interview that aired Sunday during the Super Bowl preshow. “Yeah it is,” Trump told Fox News Channel’s Bret Baier when asked whether his talk of annexing Canada is “a real thing” — as Canadian Prime […]

2 hours ago

President Donald Trump, left, waves as he boards Air Force One with grandson Theodore, Ivanka Trump...

Associated Press

Trump says he will announce 25% steel and aluminum tariffs Monday, and more import duties are coming

WASHINGTON (AP) — President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week. “Any steel coming into the United States is going to have a 25% tariff,” […]

2 hours ago

Associated Press

A person with a handgun is fatally shot by a deputy at a Colorado arcade, a sheriff says

DENVER (AP) — A person died after being shot by a sheriff’s deputy responding to a reported active shooter inside an arcade and entertainment center in suburban Denver Saturday night, authorities said. A sheriff’s deputy who was near the Main Event in Highlands Ranch found a male armed with a handgun in the parking lot […]

2 hours ago

Vice President JD Vance speaks at the International Religious Freedom Summit at the Washington Hilt...

Associated Press

Vance and Musk question the authority of the courts as Trump’s agenda faces legal pushback

WASHINGTON (AP) — Top Trump administration officials are openly questioning the judiciary’s authority to serve as a check on executive power as the new president’s sweeping agenda faces growing pushback from the courts. Over the past 24 hours, officials ranging from billionaire Elon Musk to Vice President JD Vance have not only criticized a federal […]

4 hours ago

The body of a victim is covered with a blanket as members of security forces stand around wreckage ...

Associated Press

US Marine from California identified as one of 4 people killed in Philippines plane crash

CAMP PENDLETON, Calif. (AP) — A U.S. Marine from California was identified by military officials Sunday as one of four people killed when a plane contracted by the U.S. military crashed in a rice field in the southern Philippines. Sgt. Jacob M. Durham died Thursday in the crash of an aircraft that was conducting a […]

5 hours ago

Associated Press

Fast moving storms leaves fluffy piles of snow across New England

CONCORD, N.H. (AP) — New Englanders stocked up on both Super Bowl snacks and staples like bread and milk this weekend ahead of a fast-moving storm that dropped up to a foot (30 cm) of light, fluffy snow. The parking lot was packed and the checkout lines were long at a Market Basket grocery store […]

7 hours ago

Estee Lauder to cut up to 7,000 jobs as sales slide