Estee Lauder Reports Loss
It seems as though the ladies have chosen to cut back on cosmetics and fragrances as one of the “unnecessary luxuries” during this extended recession that the U.S. and the rest of the world is experiencing. Unfortunately, this move translates into weak sales for popular beauty-products maker Estee Lauder which swung into a loss for its fourth quarter.
Estee Lauder reported a loss of US$17.9 million, drastically down from a profit of US$120.2 million a year ago. The Company has stated that in addition to feeble demand, restructuring costs further depressed its bottom line.