Overview

• Fourth-quarter net sales fell 12% to $3.4 billion, with a net loss of $546 million and a diluted loss per share of $1.51.
• Management said roughly two-thirds of the revenue decline stems from a 28% slide in travel retail, particularly across Asia duty-free channels.
• For fiscal 2026, the company guides to flat to 3% sales growth and adjusted earnings of $1.90 to $2.10 per share.
• The restructuring program calls for 5,800 to 7,000 job cuts and $1.2 billion to $1.6 billion in charges, with about $610 million already incurred.
• Shares fell around 5% to 6% after the results and outlook, as executives also warned tariffs will reduce next-year profitability by about $100 million.