Estee Lauder Raises Projections on Restructuring-Effort Costs
August 19 2019 - 10:07AM
Dow Jones News
By Kimberly Chin
Estee Lauder Cos. (EL) said its multi-year restructuring
initiative, which began in May 2016, will cost more than it
previously projected.
The company now expects the effort to cost between $950 million
and $990 million before taxes, up from its previous guidance of
$900 million to $950 million.
However, it also anticipates cost savings between $425 million
and $475 million before taxes, up from its prior forecast of $350
million to $450 million.
The Leading Beauty Forward initiative is aimed at helping the
company cut costs, streamline operations and exit underperforming
businesses. It expects to substantially finish those efforts by
fiscal 2021.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
August 19, 2019 09:52 ET (13:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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