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Estee Lauder announces 70% slide

COSMETICS company Estee Lauder said yesterday that its fiscal third-quarter profit slid 70 percent due to restructuring charges and declining sales, but results managed to beat analysts' estimates.

The company, which is in the midst of restructuring under a new chief executive, earned US$27.2 million, or 14 US cents a share, compared with US$90.1 million, or 46 US cents a share, in the same quarter a year ago.

Excluding restructuring charges and other items, profit was 16 US cents per share in the quarter ended March 31.

Sales slipped 10 percent to US$1.7 billion, partly due to the stronger US dollar. Analysts had forecast profit of 5 US cents a share on sales of US$1.65 billion. Analyst estimates typically exclude special items.

Estee Lauder is in the midst of a restructuring plan that will cut 2,000 jobs, or 6 percent of its workforce, freeze merit raises and maintain a hiring freeze for four more years.


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