Estee Lauder 2005 Annual Report Download

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THE EST{E LAUDER COMPANIES INC. 2005 ANNUAL REPORT

Table of contents

  • Page 1
    T H E E S T { E L A U D E R C O M PA N I E S I N C . 2 0 0 5 A N N U A L R E P O R T

  • Page 2
    ..., Jo Malone, Bumble and bumble, Michael Kors, Darphin, Rodan + Fields, American Beauty, Flirt!, Good Skin™, Donald Trump The Fragrance and Grassroots. THE AMERICAS - The Company was founded by Estée Lauder in 1946 in New York City. In f iscal 2005, the Americas region represented 53% of net sales...

  • Page 3
    PORTFOLIO OF BRANDS

  • Page 4
    ... Correcting Serum for Lines/Wrinkles/Age Spots, Idealist Skin Refinisher, Advanced Night Repair, Future Perfect Anti-Wrinkle Radiance Crème, Re-Nutriv Revitalizing Comfort Crème, Pure Color Long Lasting Lipstick, Lash XL Maximum Lengthening Mascara, Double Wear Stay-in-Place Makeup, Estée Lauder...

  • Page 5
    ... 30 countries and territories. A professional beauty line developed by celebrated makeup artist Bobbi Brown, encompassing color cosmetics, skin care, professional makeup brushes and tools, accessories and fragrance. Select products: Foundation Stick, Creamy Concealer, Lip Color, Lip Gloss, Shimmer...

  • Page 6
    ..., Michael Kors for Men, Eau de Toilette Spray and After Shave Balm, Waterfall Body Lotion and Ocean Bath Soak. DARPHIN Acquired in 2003. Sold in more than 55 countries and territories. A well-established, Paris-based brand offering prestige skin care, makeup and spa-inspired body products created...

  • Page 7
    ... just launched with great success in both China and India; Crème de la Mer has gotten off to a wonderful start in China; Estée Lauder is about to launch in Vietnam, following a successful Clinique launch in that same market; Jo Malone is a great success in Australia, and Aveda has celebrated its...

  • Page 8
    ...Even Las Vegas, which continues to grow dramatically, will receive an estimated 41 million visitors from throughout the world. Our Company is using these showcase markets not only for sales 07 and profit generation, but as windows to a new and eager consumer base. The strategies that William Lauder...

  • Page 9
    ..., and brand building is our core strength. Our future will be built with superlative beauty brands. This year, we announced several wonderful new brands, opening new areas of growth. • Our BeautyBank division launched four distinctive national brands into Kohl's Department Stores. These brands...

  • Page 10
    ... be a company with a growth rate that outpaces the global beauty marketplace. There are many ways we can accomplish this ambition. • Technological excellence. This year Estée Lauder, Clinique, Prescriptives and Rodan + Fields all successfully launched polypeptide skin care products appropriate to...

  • Page 11
    ...) Net Sales $1,261 2,423 2,352 274 $6,336 % Growth* 3% 13% 10% 10% 9% By Region (Dollars in millions) Net Sales $3,382 2,119 835 $6,336 % Growth** 7% 7% 4% 7% Fragrance Makeup Skin Care Hair Care Total * Reported basis ** In local currencies Americas Europe, the Middle East & Africa Asia/Paci...

  • Page 12
    ... for their guidance and commitment to our Company. This year, we strengthened our Board with two additional Directors: Mellody Hobson, President of Ariel Capital Management, and Aerin Lauder, Senior Vice President, Global Creative Directions, Estée Lauder. I want to express my appreciation to our...

  • Page 13
    FRAGRANCE

  • Page 14
    ...its dynamic television advertising. Tommy Hilfiger and Enrique Iglesias traveled to Enrique's hometown of Madrid, Spain, to introduce True Star Men, the brand's new fragrance. The exciting launch party included leading European press and Spain's top trendsetters. Island Michael Kors launched in the...

  • Page 15
    ...in the brand's new products. Pairing where we sell the brand with shoppers' emotions was the secret behind the successful launch of Estée Lauder pleasures exotic, which played into the trend for exotic travel. The new fragrance launched first in Travel Retail with a captivating campaign that evoked...

  • Page 16
    ... BRAND EQUITY IN FRESH NEW WAYS. Jo Malone expanded its line of lifestyle fragrances and also opened a second free-standing store in New York City on prestigious Madison Avenue, while Bobbi Brown's beach scent continued to build loyal users through its specialty store counters. This year, we...

  • Page 17
    MAKEUP

  • Page 18
    ... and pop culture as part of its growth stream. Bobbi Brown celebrates the beauty in every woman with unique products like Shimmer Brick Compact, Pot Rouge for Lips and Cheeks, Long Wear Gel Eyeliner and Creamy Concealer Kit, which all helped the brand gain market share around the world. Clinique...

  • Page 19
    ...a perfect match for skin tones. Estée Lauder Double Wear Stay-in-Place Makeup delivers long-lasting wear to women, joining the Estée Lauder brand's leading collection of nine winning foundations. Clinique continues to maintain its ranking as a worldwide leader in foundation, holding the number-one...

  • Page 20
    ... a strong performance. American Beauty helps celebrate American style with celebrity Ashley Judd as its spokesperson. Flirt! adds fun to the makeup category as it plays with color and invites celebrity guest designers to color their way. Chick Sticks and Squeeze Me Super Shine Lip Gloss from Flirt...

  • Page 21
    SKIN CARE

  • Page 22
    ... are providing a wide range of technologically advanced products to help women and men achieve skin nirvana. Whether the concern is anti-aging or prevention, acne or wrinkles, firming or brown spots, consumers were treated to a selection of products this year that boosted the skin's ability to do...

  • Page 23
    ... damage. Estée Lauder launched Perfectionist [CP+], a new formula that elevates protection and repair of skin's appearance to a whole new level with breakthrough technologies and proprietary ingredients. Crème de la Mer continues to spread its riches around the world, opening in China with...

  • Page 24
    ... Company's quest to continuously source new ingredients from botanical sources. Aveda is perfecting the art of using pure ï¬,ower and plant essences. The brand embraces its mission to care for the world we live in and give back to society while offering high-performance hair, skin and body products...

  • Page 25
    HAIR CARE

  • Page 26
    ... common hair problems. Our brands have successfully met this need with a number of innovative new offerings. This year, Aveda addressed the challenges of fine hair with Pure Abundance Volumizing Shampoo, Volumizing Clay Conditioner and Volumizing Hair Spray, and developed a new approach for color...

  • Page 27
    ... de Coco Conditioner, a lightweight conditioner. Other standout products included Sumotech, Styling Lotion, Grooming Creme and Surf Spray. Along with proven products, hair care professionals look to our brands for world-class education. Aveda and Bumble and bumble present sophisticated artistic and...

  • Page 28
    ..., HEALTHY, MANAGEABLE HAIR IS MORE IN DEMAND THAN EVER BEFORE BY MEN AND WOMEN AROUND THE WORLD. In addition to the strong performance of our professional salon distribution channel, we saw brisk sales in prestige department and specialty stores, as well as Company-owned retail stores. Origins...

  • Page 29

  • Page 30
    ... reigned high as the Estée Lauder brand joined forces with style-makers Tom Ford and Gwyneth Paltrow, and M.A. C signed Diana Ross to be the face of its new beauty icon color collection. Tommy Hilfiger toured key markets with Enrique Iglesias to personally launch True Star Men by Tommy Hilfiger...

  • Page 31
    ... different brands. Donald Trump appeared in Marshall Field's to meet and greet consumers during the launch of his new scent, Donald Trump The Fragrance. The Chicago retailer says "The Donald's" visit was one of the most successful public appearances the store has ever sponsored. Origin's Cocoa Wagon...

  • Page 32
    ... is investing rapidly in the developing markets of Brazil, Russia, India and China. We believe that growth internationally will be driven by the opportunities in these countries where the retail climate is growing every day. In fiscal 2005, Clinique and Estée Lauder opened in 23 cities in China...

  • Page 33
    ... the launch of Clinique's Active White skin care line. Giving back to the communities in which we live and work has long been an Estée Lauder Companies' tradition. These efforts range from grassroots programs initiated by individual brands or departments to huge global programs involving hundreds...

  • Page 34
    ... AD SHOOT FOR THE NEW EST{E LAUDER PLEASURES CAMPAIGN FEATURING MS. PALTROW. more than $50 million for the M.A. C AIDS Fund and other AIDS-related charities through sales of its Viva Glam lipstick collection. Aveda lives its mission of environmental responsibility by sponsoring Earth Month programs...

  • Page 35
    ... S. LAUDER Chairman Clinique Laboratories, LLC WILLIAM P. LAUDER President Chief Executive Officer The Estée Lauder Companies Inc. 34 BOARD OF DIRECTORS 1. Member of Audit Committee 2. Member of Compensation Committee 3. Member of Nominating and Board Affairs Committee 4. Member of Stock Plan...

  • Page 36
    ... Executive Vice President Global Research and Development RICHARD W. KUNES Executive Vice President Chief Financial Officer EVELYN H. LAUDER Senior Corporate Vice President LEONARD A. LAUDER Chairman RONALD S. LAUDER Chairman Clinique Laboratories, LLC WILLIAM P. LAUDER President Chief Executive...

  • Page 37
    ...these items, refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations." †In February 2004, we sold the assets and operations of our former reporting unit that sold jane brand products. As a result, fiscal 2004, 2003 and 2002 information has been restated to...

  • Page 38
    ...million in interest expense, net and a corresponding decrease in preferred stock dividends as a result of the adoption of Statement of Financial Accounting Standards ("SFAS") No. 150, "Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity." Additionally, in...

  • Page 39
    ... except per share data) 2005 $6,336.3 1,617.4 4,...Sales Cost of sales Gross Profit Operating expenses: Selling, general and administrative Special charges Related...stock dividends Net Earnings Attributable to Common Stock Basic net earnings per common share: Net earnings attributable to common stock...

  • Page 40
    ... based upon the customer's receipt. In certain circumstances, transfer of title takes place at the point of sale (e.g., at our retail stores). Sales are reported on a net sales basis, which is computed by deducting from gross sales the amount of actual product returns received, discounts, incentive...

  • Page 41
    ...events outside our control could have a direct impact on reported net earnings. The pre-retirement discount rate for each plan used for determining future net periodic benefit cost is based on a review of highly rated long-term bonds. For fiscal 2005, we used a pre-retirement discount rate for our...

  • Page 42
    ... for income taxes as they relate to the provisions for anticipated sales returns, allowance for doubtful accounts, inventory obsolescence reserve and income taxes. For fiscal 2005, had these estimates been changed simultaneously by 2.5% in either direction, our reported gross profit would have...

  • Page 43
    ...for fiscal 2005, 2004 and 2003 and reï¬,ects the basis of presentation described in Note 2 and Note 17 to the Notes to Consolidated Financial Statements for all periods presented. Products and services that do not meet our definition of skin care, makeup, fragrance and hair care have been included...

  • Page 44
    ... sales of products in Clinique's 3-Step Skin Care System and The Lifting Face Serum & The Lifting Intensifier by La Mer contributed approximately $29 million to the sales increase. Partially offsetting these increases was a decrease of approximately $52 million in sales of Perfectionist Correcting...

  • Page 45
    ..., our makeup artist and hair care brands along with products from our Aramis and Designer Fragrances Division contributed approximately $147 million to the increase. In addition, higher net sales in Canada and the inclusion of BeautyBank products contributed approximately $78 million, collectively...

  • Page 46
    ... sales growth from new and recently launched products. While we experienced improved results in fiscal 2005 due to these new launches, the fragrance business continues to be challenging. Hair care operating results decreased 3% or $0.8 million reï¬,ecting an increase in operating expenses related...

  • Page 47
    ... of High Impact Mascara, High Impact Eye Shadow and Skin Clarifying Makeup by Clinique, as well as Pure Color Lip Vinyl and Artist's Lip and Eye Pencils from Estée Lauder. Partially offsetting these increases were approximately $30 million of lower net sales of certain existing products such as So...

  • Page 48
    ... $3,148.8 million, primarily reï¬,ecting growth from our newer brands, the success of newly launched products and increases from most of our freestanding retail stores, all of which reï¬,ected the strengthening retail environment. In Europe, the Middle East & Africa, net sales increased 24% or $363...

  • Page 49
    ... hair care reï¬,ecting overall sales growth and new product launches. Operating income decreased 23% to $24.8 million in fragrance reï¬,ecting the softness in that product category in the United States as well as increased support spending related to new product launch activities. Geographic Regions...

  • Page 50
    ... requires us to purchase the preferred stock, plus any cumulative and unpaid dividends thereon, on or before October 26, 2005. We plan to purchase the preferred stock on that date and to pay the anticipated dividends from July 1, 2005 through that date of $0.5 million at a rate based on the after...

  • Page 51
    ...November 3, 2004, the Board of Directors declared an annual dividend of $.40 per share on our Class A and Class B Common Stock, which was paid on December 28, 2004 to stockholders of record at the close of business on December 10, 2004. Common stock dividends paid in fiscal 2005, 2004 and 2003 were...

  • Page 52
    ... dividend rate on the remaining $68.4 million of the 2015 Preferred Stock. The cumulative redeemable preferred stock dividends have been characterized as interest expense in the accompanying consolidated statements of earnings for the fiscal years ended June 30, 2005 and 2004. Pension Plan Funding...

  • Page 53
    ...capital improvement commitments, planned funding of pension and other postretirement benefit obligations and commitments pursuant to executive compensation arrangements. Future earn-out payments and future royalty and advertising commitments were estimated based on planned future sales for the term...

  • Page 54
    ...be applied to leasehold improvements that are purchased or acquired in reporting periods after June 29, 2005 and we do not expect this Issue to have a material impact on our consolidated financial statements. In June 2005, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position...

  • Page 55
    ...," on a quarterly basis (see Note 2 of Notes to Consolidated Financial Statements - Stock-Based Compensation), we are currently evaluating the impact this statement will have on our consolidated financial statements. In March 2005, Staff Accounting Bulletin No. 107 ("SAB No. 107") was issued to...

  • Page 56
    ... include, without limitation: (1) increased competitive activity from companies in the skin care, makeup, fragrance and hair care businesses, some of which have greater resources than we do; (2) our ability to develop, produce and market new products on which future operating results may depend...

  • Page 57
    ... share data) 2005 2004 ASSETS Current Assets Cash and cash equivalents Accounts receivable, net Inventory and promotional merchandise, net Prepaid expenses and other current assets Total current assets Property, Plant and Equipment, net Other Assets Investments, at cost or market value Goodwill...

  • Page 58
    ...2005 2004 2003 STOCKHOLDERS' EQUIT Y Common stock, beginning of year Stock compensation programs Common stock, end of year Paid-in capital, beginning of year Stock compensation... pension ...20.3) 51.3 39.4 $ 359.2 See notes to consolidated financial statements. 57 T H E E S T { E L AU DE R COM...

  • Page 59
    ... of long-term debt Net proceeds from employee stock transactions Payments to acquire treasury stock Dividends paid to stockholders Distributions made to minority holders of consolidated subsidiaries Net cash ï¬,ows used for financing activities of continuing operations Effect of Exchange Rate...

  • Page 60
    ... skin care, makeup, fragrance and hair care products around the world. Products are marketed under the following brand names: Estée Lauder, Clinique, Aramis, Prescriptives, Origins, M . A . C, Bobbi Brown, La Mer, Aveda, Stila, Jo Malone, Bumble and bumble, Darphin, Rodan + Fields, American Beauty...

  • Page 61
    ... consolidated statements of earnings include net exchange losses of $15.8 million, $14.5 million and $15.0 million in fiscal 2005, 2004 and 2003, respectively. Inventory and Promotional Merchandise Inventory and promotional merchandise only includes inventory considered saleable or usable in future...

  • Page 62
    ....6 55.2 327.8 $720.6 Skin Care Makeup Fragrance Hair Care Total $(26.4) Included in fiscal 2005 additions to goodwill was $37.7 million related to an expected payment to be made in fiscal 2006 to satisfy an earn-out provision related to the Company's acquisition of Jo Malone Limited in October...

  • Page 63
    ... the Vendor's Products)." In accordance with this guidance, the Company has recorded the revenues generated from purchase with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the...

  • Page 64
    ... as sales incentives, were $1,812.5 million, $1,612.0 million and $1,416.1 million in fiscal 2005, 2004 and 2003, respectively. These amounts include activities relating to purchase with purchase and gift with purchase promotions that are reï¬,ected in net sales and cost of sales. Advertising and...

  • Page 65
    ... Average risk-free interest rate Average dividend yield Concentration of Credit Risk The Company is a worldwide manufacturer, marketer and distributor of skin care, makeup, fragrance and hair care products. Domestic and international sales are made primarily to department stores, perfumeries and...

  • Page 66
    ... the date of the adoption of the law by the applicable EU-member country. The Company is currently evaluating the impact this FSP will have on its consolidated financial statements, if any. In May 2005, the FASB issued SFAS No. 154, "Accounting Changes and Error Corrections," ("SFAS No. 154") which...

  • Page 67
    ... to reflect that reporting unit as discontinued operations, including the restatement of the makeup product category and the Americas region data presented in Note 17. In July 2003, the Company acquired the Rodan + Fields skin care line. The initial purchase price, paid at closing, was funded by...

  • Page 68
    ... on certain conditions. In April 2003, the Company acquired the Paris-based Darphin group of companies that develops, manufactures and markets the "Darphin" brand of skin care and makeup products. The initial purchase price, paid at closing, was funded by cash provided by operations, the payment...

  • Page 69
    ...AJCA incremental dividend Preferred stock dividends not deductible for U.S. tax purposes Other nondeductible expenses Tax credits Other, net Provision for income taxes Effective tax rate Significant components of the Company's deferred income tax assets and liabilities as of June 30, 2005 and 2004...

  • Page 70
    ... LIABILITIES Other accrued liabilities consist of the following: JUNE 30 (In millions) 2005 $297.5 251.8 21.9 303.6 $874.8 2004 $290.2 236.9 32.7 311.7 $871.5 Advertising and promotional accruals Employee compensation Restructuring and special charges Other 69 T H E E S T { E L AU DE R COM PA...

  • Page 71
    ... 26, 2005. The Company plans to purchase the preferred stock on that date and to pay the anticipated dividends through that date of $0.5 million at a rate based on the after-tax yield on six-month U.S. Treasuries of 2.10%, which was reset on July 1, 2005. The Company has a $750.0 million commercial...

  • Page 72
    ... the last day of each fiscal quarter to be less than 0.65:1. At June 30, 2005, the Company was in compliance with all financial covenants in the credit facility and there were no borrowings. The Company maintains uncommitted credit facilities in various regions throughout the world. Interest rate...

  • Page 73
    ... 6% Senior Notes to a variable interest rate based on six-month LIBOR. The interest rate swap was designated as a fair-value hedge. As of June 30, 2005, the fair-value hedge was highly effective, in all material respects. Information regarding the interest rate swap is presented in the following...

  • Page 74
    ... with international employee transfers. Retirement Growth Account Plan (U.S.) The Retirement Growth Account Plan is a trust-based, noncontributory qualified defined benefit pension plan. The Company's funding policy consists of an annual contribution at a rate that provides for future plan bene...

  • Page 75
    ... Pension Plans International Postretirement 2005 2004 2004 2004 2005 Change in benefit obligation: Benefit obligation at beginning of year Service cost Interest cost Plan participant contributions Actuarial loss (gain) Foreign currency exchange rate impact Benefits paid Plan amendments Special...

  • Page 76
    ... amounts reported for the health care plans. The assumed weighted-average health care cost trend rate for the coming year is 12.20% while the ultimate trend rate of 4.50% is expected to be reached in fiscal 2015. A one-percentage-point change in assumed health care cost trend rates for fiscal 2005...

  • Page 77
    ...Company's pension plans at June 30 are as follows: Pension Plans Retirement Growth Account 2005 (In millions) Restoration 2005 $75.3 53.9 - 2004 $67.3 52.8 - International 2005... The target asset allocation policy was set to maximize returns with consideration to the long-term nature of the ...

  • Page 78
    ... May 2005, the Company purchased 1,872,000 shares of Class A Common Stock from a related party for $73.5 million. NOTE 13 - STOCK PROGRAMS The Company has established the Fiscal 2002 Share Incentive Plan, the Fiscal 1999 Share Incentive Plan, the Fiscal 1996 Share Incentive Plan and the Non-Employee...

  • Page 79
    ... on July 1, 2004 due to the retirement of an executive on June 30, 2004, based on the original terms of the option grants. Summarized information about the Company's stock options outstanding and exercisable at June 30, 2005 is as follows: Outstanding Exercise Price Range $ 3.10 $13.00 to $20.813...

  • Page 80
    ... the Department Store Defendants, the Company and eight other manufacturers of cosmetics (the "Manufacturer Defendants") conspired to fix and maintain retail prices and to limit the supply of prestige cosmetics products sold by the Department Store Defendants in violation of state and Federal laws...

  • Page 81
    ... class includes individuals "who have purchased skin care products from defendants that have been falsely advertised to have an 'anti-aging' or youth inducing benefit or effect." The Company intends to defend itself vigorously. While no assurance can be given as to the ultimate outcome, management...

  • Page 82
    ...nition of skin care, makeup, fragrance and hair care. The Company evaluates segment performance based upon operating income, which represents earnings before income taxes, minority interest, net interest expense and discontinued operations. The accounting policies for each of the reportable segments...

  • Page 83
    ... 30 (In millions) 2005 2004 2003 PRODUCT CATEGORY DATA Net Sales: Skin Care Makeup Fragrance Hair Care Other $2,352.1 2,423...Africa Asia/Pacific Restructuring and special charges $ 357.2 306.1 57.3 720.6 - $ 720.6 Total Assets: The Americas Europe, the Middle East & Africa Asia/Pacific Long...

  • Page 84
    ... QUARTERLY FINANCIAL DATA The following summarizes the unaudited quarterly operating results of the Company for the years ended June 30, 2005 and 2004: Quarter Ended September 30 (In millions, except per share data) December 31 March 31 June 30 Total Year Fiscal 2005 Net sales Gross pro...

  • Page 85
    ...registered public accounting firm that audits the Company's consolidated financial statements has issued its attestation report on management's assessment of internal control over financial reporting. That attestation report follows this report. William P. Lauder President and Chief Executive Of...

  • Page 86
    ... the effectiveness of the Company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable...

  • Page 87
    ...'s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the...

  • Page 88
    ...Double Wear, Dreamy Eyes, Estée Lauder, Estée Lauder Beyond Paradise, Estée Lauder pleasures, Estée Lauder pleasures exotic, False Eyelashes, Firm Return, Flirt!, Full Spectrum, Future Perfect, Ginger Up, good skin™, Grassroots, Happily Ever After, High Impact, Idealist, Jo Malone, La Mer, Lab...

  • Page 89
    ... water / wastewater flow saved...MANUFACTURED ENTIRELY WITH WIND ENERGY AND CONTAINS 100% POST-CONSUMER RECYCLED FIBER. THIS PAPER IS CERTIFIED BY GREEN SEAL AND BY SMARTWOOD FOR FSC STANDARDS WHICH PROMOTE ENVIRONMENTALLY APPROPRIATE, SOCIALLY BENEFICIAL AND ECONOMICALLY VIABLE MANAGEMENT OF THE WORLD...

  • Page 90
    T H E E S T { E L A U D E R C O M PA N I E S I N C . 7 6 7 F I F T H AV E N U E N E W Y O R K , N E W Y O R K 1 0 15 3