Estee Lauder 2002 Annual Report Download - page 14

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13
learn into the creative fulfillment of their needs. Of course, we do this every day through events, promotions and
the service a customer receives every time she visits a counter. However, we also do it through our Global
Consumer Communications department, which has created a substantial database of more than 300,000
customers from whom we regularly solicit feedback.
WE MUST CONTINUE TO BUILD AN EVEN GREATER FUTURE
BASED ON THE STRENGTHS AND HERITAGE OF OUR PAST. AND WE
MUST RELENTLESSLY FORGE EVEN STRONGER EMOTIONAL
BONDS WITH OUR CUSTOMERS.
LOOKING AHEAD
As I look ahead to the coming year, I see optimism and prudence, opportunities and risks, potentials and pitfalls.
First and foremost, driving brand equity is paramount.This is accomplished with exciting new products, effective
advertising and promotion, and superior service. I expect continued challenges from a slower economic recovery
in
the U.S., but sequential improvement in our travel retail business. We will benefit from cost savings resulting from
this year’s restructuring and will reinvest a portion of those savings to build sales momentum. I believe the commit-
ment
to invest in sales growth sets the stage for strong performance and a return to strong earnings growth.
Finally, following the pressures of the year, I am more grateful than ever for the loyalty and dedication of
our employees. My congratulations and gratitude to all of my colleagues. In addition, I would like to acknowledge
the guidance and support of our Board of Directors during a year that demanded the highest levels of attention,
and to our Chairman, Leonard Lauder, whose continued passion and inspiration are an invaluable asset to
our Company. And finally, my deepest appreciation to our valued stockholders for your continued support
and commitment.
Sincerely,
Fred H. Langhammer
President and Chief Executive Officer