Estee Lauder 2012 Annual Report Download - page 165

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THE EST{E LAUDER COMPANIES INC. 163
NOTE 21
—
UNAUDITED QUARTERLY FINANCIAL DATA
The following summarizes the unaudited quarterly operating results of the Company for fiscal 2012 and 2011:
Quarter Ended
September 30(1) December 31(2) March 31(3) June 30(4) Total Year
(In millions, except per share data)
Fiscal 2012
Net Sales(5) (6) $2,476.7 $2,737.5 $2,248.2 $2,251.2 $9,713.6
Gross Profit 1,942.4 2,186.5 1,778.9 1,810.0 7,717.8
Operating Income(5) 430.0 597.0 211.5 73.2 1,311.7
Net Earnings Attributable to
The Estée Lauder Companies Inc. 278.6 396.7 130.4 51.2 856.9
Net earnings attributable to
The Estée Lauder Companies Inc.
per common share:
Basic .71 1.03 .34 .13 2.20
Diluted .70 1.00 .33 .13 2.16
Fiscal 2011
Net Sales(5) $2,091.7 $2,492.0 $2,165.7 $2,060.6 $8,810.0
Gross Profit 1,603.6 1,950.9 1,683.1 1,635.5 6,873.1
Operating Income(5) 298.0 517.7 209.1 64.6 1,089.4
Net Earnings Attributable to
The Estée Lauder Companies Inc. 191.1 343.9 124.7 41.1 700.8
Net earnings attributable to
The Estée Lauder Companies Inc.
per common share:
Basic .49 .87 .32 .10 1.78
Diluted .48 .86 .31 .10 1.74
(1) Fiscal 2012 first quarter results include charges associated with restructuring activities of $4.1 million ($2.9 million after tax, or $.01 per diluted
common share). Fiscal 2011 first quarter results include charges associated with restructuring activities of $4.6 million ($3.3 million after tax, or
$.01 per diluted common share).
(2) Fiscal 2012 second quarter results include charges associated with restructuring activities of $6.1 million ($4.4 million after tax, or $.01 per diluted
common share) and other intangible asset impairment charges of $6.7 million ($4.3 million after tax, or $.01 per diluted common share).
Fiscal 2011 second quarter results include charges associated with restructuring activities of $19.3 million ($11.9 million after tax, or $.03 per
diluted common share).
(3) Fiscal 2012 third quarter results include charges associated with restructuring activities of $28.8 million ($18.8 million after tax, or $.05 per diluted
common share). Fiscal 2011 third quarter results include charges associated with restructuring activities of $23.5 million ($17.9 million after tax, or
$.04 per diluted common share) and goodwill and other intangible asset impairment charges of $36.3 million ($23.3 million after tax, or $.06 per
diluted common share).
(4) Fiscal 2012 fourth quarter results include charges associated with restructuring activities of $24.2 million ($18.0 million after tax, or $.04 per diluted
common share) and other intangible asset impairment charges of $15.0 million ($9.6 million after tax, or $.02 per diluted common share).
Fiscal 2011 fourth quarter results include charges associated with restructuring activities of $12.0 million ($8.6 million after tax, or $.02 per diluted
common share), other intangible asset impairment charges of $1.7 million ($1.1 million after tax, or less than $.01 per diluted common share) and
certain out-of-period adjustments of $8.6 million after tax, or $.02 per diluted common share.
(5) As a result of the Company’s SAP rollout, approximately $30 million of accelerated orders were recorded as net sales (approximately $23 million
of operating income) in the fiscal 2012 second quarter that likely would have occurred in the fiscal 2012 third quarter. In addition, approximately
$42 million of accelerated orders (approximately $31 million of operating income) were recorded as net sales in the fiscal 2011 third quarter that
would have occurred in the fiscal 2011 fourth quarter).
(6) The Company established a provision in the fiscal 2012 third quarter for then-anticipated returns of approximately $16 million as a result of
repositioning certain products due to changes in regulations related to sunscreen products in the United States. These regulations were
subsequently deferred and, accordingly, the Company reversed this provision in the fiscal 2012 fourth quarter.