Estee Lauder posts 4Q loss of $17.9 million
NEW YORK — Estee Lauder Cos. said Thursday it posted a fiscal fourth-quarter loss because of hefty restructuring charges and unfavorable exchange rates that dampened sales for the cosmetics and perfume company.
For the three months ended June 30, Estee Lauder posted a loss of $17.9 million, or 9 cents per share, compared with profit of $120.2 million, or 61 cents per share, a year ago.
Excluding restructuring charges of 29 cents per share, Estee Lauder earned 20 cents per share, matching analysts’ earnings expectations.
Estee Lauder said in February it planned to restructure operations to help save costs, which included trimming 2,000 jobs.
Revenue declined 16 percent to $1.68 billion from $2.01 billion a year ago because of unfavorable foreign currency translation and waning consumer discretionary spending. Analysts polled by Thomson Reuters expected revenue of $1.72 billion.
For the fiscal year, Estee Lauder’s profit declined 54 percent to $218.4 million, or $1.10 per share, from $473.8 million, or $2.40 per share. Restructuring charges weighed down results by 31 cents per share this year. Revenue declined 7 percent to $7.32 billion from $7.91 billion.
For the fiscal first quarter, earnings will fall between 23 cents and 30 cents per share. That excludes restructuring charges, which the company did not quantify.
Sales will decline between 2 percent and 5 percent in constant currency, but foreign currency translation will hurt revenue by 3 percent to 4 percent.
Analysts predict earnings of 16 cents per share and $1.72 billion in revenue.
For fiscal 2010, Estee Lauder expects earnings of $1.55 to $1.70, excluding restructuring charges between 27 cents per share and 40 cents per share.
Sales will remain flat or rise up to 2 percent in constant currency.
Analysts predict earnings of $1.42 per share and revenue of $7.39 billion.
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