Estee Lauder posts 32% fall in sales, to cut up to 2,000 jobs

[BENGALURU] Estee Lauder reported a 32 per cent fall in fourth-quarter sales on Thursday, as travel restrictions and store closures imposed to contain the spread of the coronavirus dampened demand for its high-end beauty brands.

The MAC brand owner also said it would cut 1,500 to 2,000 jobs globally, including point-of-sale employees. It also estimated that it would close 10-15 per cent of its freestanding stores.

The company's net sales fell to US$2.43 billion in the quarter from US$3.59 billion a year ago. Analysts on average had expected revenue of US$2.45 billion, according to IBES data from Refinitiv.

REUTERS