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62 THE EST{E LAUDER COMPANIES INC.
YEAR ENDED JUNE 30 2015 2014 2013
(In millions)
NET SALES
By Region:
The Americas $ 4,513.8 $ 4,572.3 $ 4,302.9
Europe, the Middle East & Africa 4,086.4 4,163.7 3,758.7
Asia/Pacific 2,180.2 2,232.7 2,121.6
10,780.4 10,968.7 10,183.2
(Returns) adjustments associated with restructuring activities — 0.1 (1.5)
Net Sales $10,780.4 $10,968.8 $10,181.7
By Product Category:
Skin Care $ 4,478.7 $ 4,769.8 $ 4,465.3
Makeup 4,304.6 4,210.2 3,876.9
Fragrance 1,416.4 1,425.0 1,310.8
Hair Care 530.6 515.6 488.9
Other 50.1 48.1 41.3
10,780.4 10,968.7 10,183.2
(Returns) adjustments associated with restructuring activities — 0.1 (1.5)
Net Sales $10,780.4 $10,968.8 $10,181.7
OPERATING INCOME (LOSS)
By Region:
The Americas $ 302.3 $ 537.3 $ 423.2
Europe, the Middle East & Africa 943.3 938.3 813.4
Asia/Pacific 360.7 349.1 307.2
1,606.3 1,824.7 1,543.8
Total (charges) adjustments associated with restructuring activities — 2.9 (17.8)
Operating Income $ 1,606.3 $ 1,827.6 $ 1,526.0
By Product Category:
Skin Care $ 832.2 $ 975.8 $ 830.1
Makeup 659.3 715.9 580.4
Fragrance 82.8 104.1 120.3
Hair Care 37.9 33.7 26.7
Other (5.9) (4.8) (13.7)
1,606.3 1,824.7 1,543.8
Total (charges) adjustments associated with restructuring activities — 2.9 (17.8)
Operating Income $ 1,606.3 $ 1,827.6 $ 1,526.0
The following table presents certain consolidated earnings data as a percentage of net sales:
YEAR ENDED JUNE 30 2015 2014 2013
Net sales 100.0% 100.0% 100.0%
Cost of sales 19.5 19.7 19.9
Gross profit 80.5 80.3 80.1
Operating expenses:
Selling, general and administrative 65.6 63.6 64.8
Restructuring and other charges — — 0.1
Goodwill impairment — — 0.1
Impairment of other intangible assets — — 0.1
Total operating expenses 65.6 63.6 65.1
Operating income 14.9 16.7 15.0
Interest expense 0.6 0.5 0.6
Interest expense on debt extinguishment — — 0.2
Interest income and investment income, net 0.2 — 0.1
Other income — — 0.2
Earnings before income taxes 14.5 16.2 14.5
Provision for income taxes 4.4 5.2 4.5
Net earnings 10.1 11.0 10.0
Net earnings attributable to noncontrolling interests — — —
Net earnings attributable to The Estée Lauder Companies Inc. 10.1% 11.0% 10.0%