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NOTE 20
—
UNAUDITED QUARTERLY FINANCIAL DATA
The following summarizes the unaudited quarterly operating results of the Company for fiscal 2013 and 2012:
Quarter Ended
September 30(1) December 31(2) March 31(3) June 30(4) Total Year
(In millions, except per share data)
Fiscal 2013
Net Sales(5) $2,549.5 $2,933.0 $2,291.8 $2,407.4 $10,181.7
Gross Profit 2,010.3 2,365.0 1,848.7 1,931.8 8,155.8
Operating Income(5) 482.0 653.1 245.1 145.8 1,526.0
Net Earnings Attributable to
The Estée Lauder Companies Inc. 299.5 447.5 178.8 94.0 1,019.8
Net earnings attributable to
The Estée Lauder Companies Inc.
per common share:
Basic .77 1.16 .46 .24 2.63
Diluted .76 1.13 .45 .24 2.58
Fiscal 2012
Net Sales(5) (6) $2,476.7 $2,737.5 $2,248.2 $2,251.2 $ 9,713.6
Gross Profit 1,942.4 2,186.5 1,778.9 1,810.0 7,717.8
Operating Income(5) 430.0 597.0 211.5 73.2 1,311.7
Net Earnings Attributable to
The Estée Lauder Companies Inc. 278.6 396.7 130.4 51.2 856.9
Net earnings attributable to
The Estée Lauder Companies Inc.
per common share:
Basic .71 1.03 .34 .13 2.20
Diluted .70 1.00 .33 .13 2.16
(1) Fiscal 2013 first quarter results include charges associated with restructuring activities of $(0.4) million, debt extinguishment charges of $(19.1)
million ($(12.2) million after tax, or $(.03) per diluted common share), certain out-of-period adjustments of $(5.9) million ($(7.4) million after tax,
or $(.02) per diluted common share) and other income of $1.8 million ($1.2 million after tax). Fiscal 2012 first quarter results include charges
associated with restructuring activities of $(4.1) million ($(2.9) million after tax, or $(.01) per diluted common share).
(2) Fiscal 2013 second quarter results include charges associated with restructuring activities of $(14.6) million ($(9.5) million after tax, or $(.02) per
diluted common share), certain out-of-period adjustments of $13.6 million ($9.1 million after tax, or $.02 per diluted common share) and other
income of $21.3 million ($13.6 million after tax, or $.03 per diluted common share). Fiscal 2012 second quarter results include charges associated
with restructuring activities of $(6.1) million ($(4.4) million after tax, or $(.01) per diluted common share), other intangible asset impairment
charges of $(6.7) million ($(4.3) million after tax, or $(.01) per diluted common share) and other income of $10.5 million ($6.7 million after tax, or
$.02 per diluted common share).
(3) Fiscal 2013 third quarter results include adjustments associated with restructuring activities of $1.7 million ($1.0 million after tax). Fiscal 2012
third quarter results include charges associated with restructuring activities of $(28.8) million ($(18.8) million after tax, or $(.05) per diluted
common share).
(4) Fiscal 2013 fourth quarter results include charges associated with restructuring activities of $(4.5) million ($(2.8) million after tax, or $(.01) per
diluted common share) and goodwill and other intangible asset impairment charges of $(17.7) million ($(15.0) million after tax, or $(.04) per diluted
common share). Fiscal 2012 fourth quarter results include charges associated with restructuring activities of $(24.2) million ($(18.0) million after
tax, or $(.04) per diluted common share), other intangible asset impairment charges of $(15.0) million ($(9.6) million after tax, or $(.02) per diluted
common share) and certain out-of-period adjustments of $(8.6) million after tax, or $(.02) per diluted common share.
(5) As a result of the Company’s SAP rollout, approximately $94 million and $30 million of accelerated orders were recorded as net sales
(approximately $78 million and $23 million of operating income) in the fiscal 2013 and fiscal 2012 second quarters, respectively, that likely would
have occurred in the fiscal 2013 and fiscal 2012 third quarters, respectively.
(6) The Company established a provision in the fiscal 2012 third quarter for then-anticipated returns of approximately $16 million as a result of
repositioning certain products due to changes in regulations related to sunscreen products in the United States. These regulations were
subsequently deferred and, accordingly, the Company reversed this provision in the fiscal 2012 fourth quarter.
180 THE EST{E LAUDER COMPANIES INC.