(Boursier.com) — Estee Lauder lowered its annual profit forecasts on Monday, also unveiling a restructuring plan under which the cosmetics designer would reduce its workforce by 3 to 5%. The restructuring program will begin in the third fiscal quarter, with related charges expected to be between $500 million and $700 million before tax. Estée now expects, for the 2024 financial year, adjusted earnings per share ranging from $2.08 to $2.23, compared to a previous range of $2.17 to $2.42. For its second fiscal quarter 2024, the group posted sales down 7%, activity down 8% organically and adjusted profit down to 88 cents per share. The pressure on sales mainly reflects the difficulties in Asia and mainly in China.
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