Estee Lauder 2009 Annual Report Download - page 118

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YEAR ENDED JUNE 30 2009 2008 2007
(In millions, except per share data)
Net Sales $7,323.8 $7,910.8 $7,037.5
Cost of sales 1,881.6 1,996.8 1,774.8
Gross Profi t 5,442.2 5,914.0 5,262.7
Operating expenses:
Selling, general and administrative 4,883.9 5,088.9 4,500.6
Restructuring and other special charges 76.8 0.4 1.1
Goodwill impairment 14.3 — 7.4
Impairment of intangible and other long-lived assets 48.8 14.0 3.7
5,023.8 5,103.3 4,512.8
Operating Income 418.4 810.7 749.9
Interest expense, net 75.7 66.8 38.9
Earnings before Income Taxes, Minority Interest
and Discontinued Operations 342.7 743.9 711.0
Provision for income taxes 115.9 259.9 255.2
Minority interest, net of tax (8.4) (10.2) (7.1)
Net Earnings from Continuing Operations 218.4 473.8 448.7
Discontinued operations, net of tax — — 0.5
Net Earnings $ 218.4 $ 473.8 $ 449.2
Basic net earnings per common share:
Net earnings from continuing operations $ 1.11 $ 2.44 $ 2.20
Discontinued operations, net of tax — — .00
Net earnings $ 1.11 $ 2.44 $ 2.20
Diluted net earnings per common share:
Net earnings from continuing operations $ 1.10 $ 2.40 $ 2.16
Discontinued operations, net of tax — — .00
Net earnings $ 1.10 $ 2.40 $ 2.16
Weighted average common shares outstanding:
Basic 196.3 193.9 204.3
Diluted 197.7 197.1 207.8
Cash dividends declared per share $ .55 $ .55 $ .50
See notes to consolidated fi nancial statements.
THE EST{E LAUDER COMPANIES INC. 117
CONSOLIDATED STATEMENTS OF EARNINGS