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19 Aug

The Estée Lauder Cos. Addresses Cybersecurity Attack – WWD

The Estée Lauder Cos. Addresses Cybersecurity Attack – WWD

The Estée Lauder Cos. has given an update on the cybersecurity attack.

Last month, it said it had identified a cybersecurity incident that involved an unauthorized third party getting access to a few of its systems. While it has not been confirmed, the ALPHV/BlackCat and Clop groups claimed credit for the cyber attack, listing Estée Lauder on their sites at nighttime web alongside an airline, comms regulator, harddisk storage provider and others. 

Because of this of the breach, Lauder proactively took down a few of its systems and commenced an investigation with a third-party cybersecurity expert. The corporate said it was also coordinating with law enforcement.

In a call Friday with analysts to debate its fourth-quarter earnings, chief financial officer Tracey T. Travis said she believes the incident has been contained.

“After becoming aware of the incident, we proactively took down a few of our systems. We began bringing our systems back online inside days, which limited the incident’s impact on the corporate’s operations. Based on the data available to-date we consider the incident is contained,” she said.

As for its financial impact on the business, she stressed that the cybersecurity incident is just not expected to have a fabric impact to net sales, however it is predicted to be roughly 7 cents dilutive to earnings per share.  

Within the fourth quarter ended June 30, Lauder’s net sales got here in at $3.61 billion, a 1 percent increase compared with $3.56 billion within the prior-year period and above Wall Street expectations for $3.48 billion.

Net loss was $33 million, and diluted net loss per share was 9 cents. On an adjusted basis, it was 7 cents per share, compared with Wall Street forecasts for a lack of 4 cents per share.

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