Estee Lauder 2002 Annual Report Download - page 5

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4
OUR ANNUAL REPORTS: A PORTFOLIO OF IDEAS SINCE GOING PUBLIC
1996: A Rich Heritage: Our Guiding Principles
1997: Emergence: Change, Momentum, Power, Growth
1998: Managing and Anticipating Demographic Change
1999: Retailtainment and the Revolution in Distribution Channels
2000: Entrepreneurship: New Dimensions for Our Portfolio of Brands
2001: Global Brands: Fine-tuning the Engine for Global Growth
Dear Fellow Stockholders:
World events were not for the faint-of-heart during fiscal 2002. Yet, The Estée Lauder Companies still achieved
its 51st year of uninterrupted sales growth — a result all the more noteworthy and gratifying given the historic
changes and turbulence in the world and, particularly, our home town of New York.
Terrorism, global economic stress, a roiling stock market, crises of faith in once-trusted institutions and an
unsettling awareness that many rules of the game have changed... it is no wonder that the markets — and the
people in those markets — have felt rattled. In response, many companies have been quick to announce new
initiatives or reforms to bolster stockholder and consumer confidence.
At The Estée Lauder Companies, we need only point to the policies and strategies that we have established over
the years to show how we are positioned to cope with these historically topsy-turvy times. Indeed, I have
highlighted these strategies in my messages to you since our Company went public in 1995. They are in place
both to protect your investment and to propel us for growth.
CHAIRMAN’S MESSAGE
LEONARD A. LAUDER