There was nothing good about Estee Lauder's quarterly earnings report

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Management promised its businesses would look better. Clearly, the team lost its bearings — and credibility.

Shares of Estee Lauder plummeted on Wednesday after the cosmetics company delivered mixed fiscal first quarter and slashed its guidance — the latter of which forces us to question management's credibility. Revenue fell 10% year over year to $3.52 billion, missing the Street's consensus estimate of $3.53 billion, according to LSEG. Sales were down nearly 11% on an organic basis. Adjusted earnings-per-share cratered 92% to 11 cents, but still beat the loss of 20 cents expected by analysts.

An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021. plummeted on Wednesday after the cosmetics company delivered mixed fiscal first quarter and slashed its guidance — the latter of which forces us to question management's credibility.fell 10% year over year to $3.52 billion, missing the Street's consensus estimate of $3.53 billion, according to LSEG. Sales were down nearly 11% on an organic basis.

 

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