86 632
Fashion Jobs
MACY'S
Retail Fulfillment Associate, University Park Mall - Part Time
Permanent · MISHAWAKA
MACY'S
Asset Protection Captain, Interstate - Full Time
Permanent · RAMSEY
MACY'S
Retail Fulfillment Associate, Ventura Pacific View - Part Time
Permanent · VENTURA
MACY'S
Asset Protection Detective, South Beach - Full Time
Permanent · MIAMI BEACH
MACY'S
Asset Protection Security Guard, Garden State Park - Full Time
Permanent · CHERRY HILL
MACY'S
Retail Fulfillment Associate, White Oaks - Part Time
Permanent · SPRINGFIELD
MACY'S
Retail Fulfillment Associate, Galleria at Pittsburgh Mills - Part Time
Permanent · TARENTUM
MACY'S
Asset Protection Captain, Orland Square - Full Time
Permanent · ORLAND PARK
MACY'S
Asset Protection Security Guard, Queens Center - Part Time
Permanent · NEW YORK
MACY'S
Retail Fulfillment Associate, Village at Fairview - Part Time
Permanent · FAIRVIEW
MACY'S
Asset Protection Detective, Marley Station - Part Time
Permanent · GLEN BURNIE
MACY'S
Asset Protection Security Guard, Broadcasting Square - Part Time
Permanent · WYOMISSING
MACY'S
Asset Protection Security Guard, Winter Garden Village - Part Time
Permanent · WINTER GARDEN
MACY'S
Manager, Asset Protection
Permanent · SPRINGFIELD
MACY'S
Asset Protection Security Guard, Centerton Square - Part Time
Permanent · MOUNT LAUREL TOWNSHIP
MACY'S
Retail Fulfillment Associate, Westland - Part Time
Permanent · HIALEAH
MACY'S
Asset Protection Security Guard, Bloomingdale Court - Part Time
Permanent · BLOOMINGDALE
MACY'S
Retail Fulfillment Associate, Cumberland Mall - Full Time
Permanent · ATLANTA
MACY'S
Asset Protection Security Guard, Broadcasting Square - Full Time
Permanent · WYOMISSING
MACY'S
Retail Fulfillment Associate, Riverpark - Part Time
Permanent · FRESNO
MACY'S
Retail Fulfillment Associate, Shoppes at Buckland Hills - Part Time
Permanent · MANCHESTER
MACY'S
Retail Fulfillment Associate, Empire - Part Time
Permanent · SIOUX FALLS
By
Reuters
Published
Feb 6, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Estee Lauder says coronavirus outbreak to dent 2020 profit

By
Reuters
Published
Feb 6, 2020

Estee Lauder Cos Inc cut its profit forecast for fiscal 2020 on Thursday, citing the coronavirus epidemic in China, a key market for the maker of Clinique skincare products.


The Estee Lauder group recently announced that it completed the acquisition of Korean brand Dr. Jart+ - Dr. Jart+


Shares of the New York-based company, however, rose 4% as investors looked past the forecast and focused instead on better-than-expected quarterly results, which were driven by strong demand for its products.

Cosmetics makers, including Estee Lauder, have been thriving as affluent Chinese consumers splurge on premium makeup products and fragrances sold at beauty retailers and duty-free stores.

The Jo Malone London fragrance maker posted a 29.3% increase in sales in the Asia Pacific region for the second quarter, driven by upbeat sales on Singles Day, China’s version of the United States’ Cyber Monday.
 
Overall, sales rose 15.5% to $4.62 billion in the quarter ended Dec. 31, well above Wall Street expectations of $4.35 billion.

“Our growth came from all facets of the business ... and we made progress towards the stabilization of our North American business despite continued softness in the makeup category,” Chief Executive Officer Fabrizio Freda said.
Estee Lauder’s quarterly profit of $2.11 per share also came in above estimates of $1.90.

Barclays analyst Lauren Lieberman said sales growth in the Americas was among many positive surprises. Sales in the Americas rose 1% for the first time in over a year.

However, the coronavirus outbreak - which has killed over 500 people and forced businesses in China to temporarily shut stores - forced Estee Lauder to trim its fiscal 2020 per-share earnings forecast to between $5.60 and $5.70 from between $5.85 and $5.93.

Estee Lauder said it has seen a significant decline in air travel and consumer traffic in key shopping and tourist areas, adding markets favored by tourists are likely to experience the greatest impact from the outbreak.

China accounted for about 17% of the company’s sales in fiscal 2019, nearly doubling from a 9% contribution in fiscal 2017, according to the company’s regulatory filing.

The company also cut the low end of its sales growth forecast range to 6% from 7%, while keeping the top end at 8%. 
 

© Thomson Reuters 2024 All rights reserved.