Estee Lauder Loss Widens as Sales Fall

Estee Lauder posted a wider loss in the fiscal fourth quarter as sales continued to struggle, sending shares lower in premarket trading Wednesday. The beauty company behind MAC, Smashbox and Jo Malone posted a loss of $546 million, or $1.51 a share, for its three months ended June 30, compared with a loss of $284 million, or 79 cents a share, a year earlier. Estee Lauder noted that its bottom line was hurt by a $527 million restructuring and asset impairment charge, as well as a $172 million deferred tax asset valuation allowance adjustment in the U.S.

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