Estee Lauder 2009 Annual Report Download - page 14

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59% $4.30 billion
41% $3.02 billion
51% $3.19 billion
49% $3.09 billion
13
20092008200720062005
18.021.019.919.720.6
20092008200720062005
416.2332.3355.2466.7 249.6
OPERATING WORKING CAPITAL
Accounts receivable plus
inventory less accounts payable
(As % of net sales)
FREE CASH FLOW†
Net cash fl ow from continuing
operations less capital expenditures
(Dollars in millions)
Compound Annual Growth Rate 13.6%
NET SALES BY DISTRIBUTION CHANNEL
2009
$7.3 billion
1991
$2 billion
1985
$1 billion
1972
$100 million
1953
HISTORICAL NET SALES GROWTH
2005 2009
37% North American Department Stores 30%
23% International Department Stores 27%
14% Perfumeries 15%
7% Retail Stores 9%
7% Travel Retail 7%
5% Salons / Spas 4%
Other (including distributors)7% 8%
2005 2009
$6.28 billion International U.S. $7.32 billion
GLOBAL NET SALES