Estee Lauder Plans 10,000 Job Cuts, Sees $1.2B Gross Benefits
Estee Lauder expects a net reduction of 10,000 positions and gross benefits of $1.2 billion from its profit recovery and growth plan, with cumulative charges slightly above the high end of its $1.5 billion to $1.7 billion range.
EL
Estee Lauder disclosed updated estimates for its restructuring effort. The company expects a total net reduction of 10,000 positions as part of the plan.
From the profit recovery and growth plan, it sees total gross benefits of $1.2 billion. Total cumulative charges are projected to come in slightly above the high end of the $1.5 billion to $1.7 billion range.
Key figures:
- Net position reduction: 10,000
- Gross benefits: $1.2 billion
- Cumulative charges: slightly above the high end of $1.5 billion to $1.7 billion
Source: First Squawk