Estee Lauder 2008 Annual Report Download - page 78

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76 THE EST{E LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
YEAR ENDED JUNE 30 2008 2007 2006
(In millions, except per share data)
Net Sales $7,910.8 $7,037.5 $6,463.8
Cost of sales 1,996.8 1,774.8 1,686.6
Gross Profi t 5,914.0 5,262.7 4,777.2
Operating expenses:
Selling, general and administrative 5,102.9 4,511.7 4,065.5
Special charges related to cost savings initiative 0.4 1.1 92.1
5,103.3 4,512.8 4,157.6
Operating Income 810.7 749.9 619.6
Interest expense, net 66.8 38.9 23.8
Earnings before Income Taxes, Minority Interest
and Discontinued Operations 743.9 711.0 595.8
Provision for income taxes 259.9 255.2 259.7
Minority interest, net of tax (10.2) (7.1) (11.6)
Net Earnings from Continuing Operations 473.8 448.7 324.5
Discontinued operations, net of tax — 0.5 (80.3)
Net Earnings $ 473.8 $ 449.2 $ 244.2
Basic net earnings per common share:
Net earnings from continuing operations $ 2.44 $ 2.20 $ 1.51
Discontinued operations, net of tax — .00 (.37)
Net earnings $ 2.44 $ 2.20 $ 1.14
Diluted net earnings per common share:
Net earnings from continuing operations $ 2.40 $ 2.16 $ 1.49
Discontinued operations, net of tax — .00 (.37)
Net earnings $ 2.40 $ 2.16 $ 1.12
Weighted average common shares outstanding:
Basic 193.9 204.3 215.0
Diluted 197.1 207.8 217.4
Cash dividends declared per share $ .55 $ .50 $ .40
See notes to consolidated fi nancial statements.