Estee Lauder 2007 Annual Report Download - page 56

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YEAR ENDED JUNE 30 2007 2006 2005
(In millions, except per share data)
Net Sales $7,037.5 $6,463.8 $6,280.0
Cost of sales 1,774.8 1,686.6 1,602.8
Gross Profi t 5,262.7 4,777.2 4,677.2
Operating expenses:
Selling, general and administrative 4,511.7 4,065.5 3,950.4
Special charges related to cost savings initiative 1.1 92.1 —
4,512.8 4,157.6 3,950.4
Operating Income 749.9 619.6 726.8
Interest expense, net 38.9 23.8 13.9
Earnings before Income Taxes, Minority Interest and
Discontinued Operations 711.0 595.8 712.9
Provision for income taxes 255.2 259.7 293.7
Minority interest, net of tax (7.1) (11.6) (9.3)
Net Earnings from Continuing Operations 448.7 324.5 409.9
Discontinued operations, net of tax 0.5 (80.3) (3.8)
Net Earnings $ 449.2 $ 244.2 $ 406.1
Basic net earnings per common share:
Net earnings from continuing operations $ 2.20 $ 1.51 $ 1.82
Discontinued operations, net of tax .00 (.37) (.02)
Net earnings $ 2.20 $ 1.14 $ 1.80
Diluted net earnings per common share:
Net earnings from continuing operations $ 2.16 $ 1.49 $ 1.80
Discontinued operations, net of tax .00 (.37) (.02)
Net earnings $ 2.16 $ 1.12 $ 1.78
Weighted average common shares outstanding:
Basic 204.3 215.0 225.3
Diluted 207.8 217.4 228.6
Cash dividends declared per share $ .50 $ .40 $ .40
2007
$
7,037.5
1
,
774.8
5
,
262.7
4,511.7
1
.
1
4,5
1
2.8
74
9
.
9
38.
9
7
11
.0
255.2
(
7.1
)
44
8
.7
0
.5
$
449.2
$
2.20
.00
$
2.20
$
2.16
.00
$
2.16
2
0
4.
3
207.
8
$
.50
See notes to consolidated fi nancial statements.
THE EST{E LAUDER COMPANIES INC. 55
CONSOLIDATED STATEMENTS OF EARNINGS