Estée Lauder to cut 2,000 jobs after relatively good resultsChristian Fernsby ▼ | August 20, 2020
The Estée Lauder Companies reported net sales of $14.29 billion for its fiscal year ended June 30, 2020, a decrease from $14.86 billion in the prior-year period.
Estée Lauder Excluding the impact of currency translation, net sales decreased 3%
Topics: Estée Lauder
The net sales decline was driven by retail store closures as a result of the global spread of coronavirus that was partially offset by the tremendous acceleration online.
The Company reported net earnings of $0.68 billion, compared with net earnings of $1.79 billion last year.
Estée Lauder sees a net reduction in the range of up to 2,000 positions, primarily point of sale employees and related support staff in the areas that were the most disrupted, which is about 3% of its current workforce including temporary and part-time employees.
This reduction takes into account the elimination of some positions, retraining and redeployment of certain employees, and investment in new positions in key areas like online. ■