Estee Lauder Cos Inc reported a 32% 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 M.A.C. 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% of its freestanding stores.
The company’s net sales fell to $2.43 billion in the quarter from $3.59 billion a year ago. Analysts on average had expected revenue of $2.45 billion, according to IBES data from Refinitiv.
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