ESTEE LAUDER COMPANIES INC

Estée Lauder Companies Inc. announced an expansion of its Profit Recovery and Growth Plan (PRGP) restructuring program, updating the estimated charges. The company now expects total restructuring and other charges to be between $1,500 million and $1,700 million before tax. Cumulative charges approved through May 28, 2026, total approximately $1,551 million, primarily driven by workforce reductions and asset-related costs across value chain, corporate functions, go-to-market models, and digital organization.

The Estée Lauder Companies Inc. and Puig have announced the termination of their discussions regarding a potential business combination, which were initially confirmed on March 23, 2026. Estée Lauder reiterated its confidence in its "Beauty Reimagined" strategic vision, emphasizing its focus on accelerating progress, leveraging its global portfolio of prestige beauty brands, and continuously evaluating its portfolio for growth opportunities, including potential acquisitions and divestitures. The company remains committed to driving sustainable sales growth, expanding profitability, and delivering a solid double-digit adjusted operating margin to create long-term value for stockholders.

The Estée Lauder Companies Inc. reported mixed financial results for the third quarter and nine months ended March 31, 2026. While Q3 net sales increased by 4.6% to $3.71 billion, net earnings for the quarter decreased by 44% to $89 million. However, year-to-date net earnings showed a significant turnaround, reaching $298 million compared to a $(587) million loss in the prior year, with operating cash flows also increasing substantially. The company also announced an expansion of its restructuring program, now targeting 9,000 to 10,000 job reductions and increasing estimated charges to $1.5 billion-$1.7 billion.