Estée Lauder expects $100 million tariff hit to full-year profitability; stock sinks more than 20%

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Estée Lauder

said Thursday it’s expecting a $100 million hit to its full-year profitability because of tariff impacts.

The beauty company’s stock tumbled more than 20% in midday trading.

The company is currently in the midst of a turnaround plan, dubbed “Beauty Reimagined,” that’s expected to cost between $1.2 billion and $1.6 billion and is aimed at revitalizing its growth. In its second-quarter earnings report on Thursday, the company said it still expects net workforce reductions of 5,800 to 7,000 as part of its restructuring.