Estee Lauder 2011 Annual Report Download - page 17

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15
Fiscal 2011 was an outstanding year for The Estée Lauder Companies. We made excellent progress against
our strategic objectives, profitably grew many of our brands and product categories and achieved strong
sales gains. We continued to reduce operational costs and successfully rolled out new phases of our
Strategic Modernization Initiative. As a result of our combined activities, many of our financial metrics
again reached all-time highs.
Two years ago, we set out to create a new chapter in our history, committing to an approach of thoughtful
change, while preserving our cultural uniqueness. We began to realign our organization and infrastructure
to fit our new strategy and developed new capabilities to increase our competitiveness for the long term.
We assessed the landscape of our business, our products and our consumers to determine where
our greatest opportunities lie. We identified our strengths and where improvements could be made, and
developed key strategic objectives. Since then, the results we have seen confirm that our strategy is
working. Today, we remain focused on our vision and are pleased to report that we are the number one
prestige skin care, makeup and fragrance player in the world.