Estee Lauder 2011 Annual Report Download - page 119

Download and view the complete annual report

Please find page 119 of the 2011 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 168

  • 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
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168

THE EST{E LAUDER COMPANIES INC. 117
YEAR ENDED JUNE 30 2011 2010 2009
(In millions, except per share data)
Net Sales $8,810.0 $7,795.8 $7,323.8
Cost of sales 1,936.9 1,829.4 1,881.6
Gross Profit 6,873.1 5,966.4 5,442.2
Operating expenses
Selling, general and administrative 5,696.7 5,067.0 4,883.9
Restructuring and other special charges 49.0 61.1 76.8
Goodwill impairment 29.3 16.6 14.3
Impairment of other intangible and long-lived assets 8.7 31.8 48.8
Total operating expenses 5,783.7 5,176.5 5,023.8
Operating Income 1,089.4 789.9 418.4
Interest expense, net 63.9 74.3 75.7
Interest expense on debt extinguishment — 27.3 —
Earnings before Income Taxes 1,025.5 688.3 342.7
Provision for income taxes 321.7 205.9 115.9
Net Earnings 703.8 482.4 226.8
Net earnings attributable to noncontrolling interests (3.0) (4.1) (8.4)
Net Earnings Attributable to The Estée Lauder Companies Inc. $ 700.8 $ 478.3 $ 218.4
Net earnings attributable to The Estée Lauder Companies Inc.
per common share
Basic $ 3.56 $ 2.42 $ 1.11
Diluted $ 3.48 $ 2.38 $ 1.10
Weighted average common shares outstanding
Basic 197.0 197.7 196.3
Diluted 201.2 200.7 197.7
Cash dividends declared per common share $ .75 $ .55 $ .55
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF EARNINGS