Estee Lauder 2003 Annual Report Download - page 2

Download and view the complete annual report

Please find page 2 of the 2003 Estee Lauder annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 87

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87

02 Portfolio of Brands
06 Chairman’s Message
10 Chief Executive’s Review
34 Board of Directors
35 Officers
36 Financial Highlights
37 Selected Financial Data
38 Consolidated Statements of Earnings
39 Management’s Discussion and Analysis of
Financial Condition and Results of Operations
56 Consolidated Balance Sheets
57 Consolidated Statements of Stockholders’ Equity
and Comprehensive Income
58 Consolidated Statements of Cash Flows
59 Notes to Consolidated Financial Statements
82 Independent Auditors’ Report
84 Stockholder Information
THE EST{E LAUDER COMPANIES INC.
The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of
quality skin care, makeup, fragrance and hair care products. The Company’s products are sold in over
130 countries and territories under well recognized brand names, including Estée Lauder, Aramis,
Clinique, Prescriptives, Origins, M.A.C, La Mer, Bobbi Brown, Tommy Hilfiger, jane, Donna Karan, Aveda,
Stila, Jo Malone, Bumble and bumble, kate spade beauty, Michael Kors and Darphin.
THE AMERICAS — The Company was founded by Estée Lauder in 1946 in New York City.
In fiscal 2003, the Americas region represented 58% of net sales and 48% of operating
income, before special charges.
EUROPE, THE MIDDLE EAST & AFRICA— Our first international door opened in 1960 in
London. In fiscal 2003, Europe, the Middle East & Africa represented 29% of net sales
and 44% of operating income, before special charges. This region includes results from
our travel retail business.
ASIA/PACIFIC — We established a presence in Hong Kong in 1961. In fiscal 2003, the
Asia/Pacific region represented 13% of net sales and 8% of operating income, before
special charges.
CONTENTS