Estee Lauder 2010 Annual Report Download - page 109

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108 THE EST{E LAUDER COMPANIES INC.
YEAR ENDED JUNE 30 2010 2009 2008
(In millions, except per share data)
Net Sales $7,795.8 $7,323.8 $7,910.8
Cost of sales 1,829.4 1,881.6 1,996.8
Gross Profit 5,966.4 5,442.2 5,914.0
Operating expenses:
Selling, general and administrative 5,067.0 4,883.9 5,088.9
Restructuring and other special charges 61.1 76.8 0.4
Goodwill impairment 16.6 14.3 —
Impairment of other intangible and long-lived assets 31.8 48.8 14.0
5,176.5 5,023.8 5,103.3
Operating Income 789.9 418.4 810.7
Interest expense, net 74.3 75.7 66.8
Interest expense on debt extinguishment 27.3 — —
Earnings before Income Taxes 688.3 342.7 743.9
Provision for income taxes 205.9 115.9 259.9
Net Earnings 482.4 226.8 484.0
Net earnings attributable to noncontrolling interests (4.1) (8.4) (10.2)
Net Earnings Attributable to The Estée Lauder Companies Inc. $ 478.3 $ 218.4 $ 473.8
Net earnings attributable to The Estée Lauder Companies Inc.
per common share:
Basic $ 2.42 $ 1.11 $ 2.44
Diluted $ 2.38 $ 1.10 $ 2.40
Weighted average common shares outstanding:
Basic 197.7 196.3 193.9
Diluted 200.7 197.7 197.1
Cash dividends declared per common share $ .55 $ .55 $ .55
2010
$7,795.8
1,829.4
5,966.4
5,067.0
61.1
16.6
31.8
5,176.5
789.9
74.3
27.3
688.3
205.9
482.4
(4.1)
$ 478.3
$ 2.42
$ 2.38
197.7
200.7
$ .55
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF EARNINGS