Estee Lauder 2014 Annual Report Download - page 111

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THE EST{E LAUDER COMPANIES INC. 109
NOTE 20
—
UNAUDITED QUARTERLY FINANCIAL DATA
The following summarizes the unaudited quarterly operating results of the Company for fiscal 2014 and 2013:
Quarter Ended
September 30(1) December 31(2) March 31(3) June 30(4) Total Year
(In millions, except per share data)
Fiscal 2014
Net Sales(5) $2,675.0 $3,018.7 $2,549.8 $2,725.3 $10,968.8
Gross Profit 2,130.9 2,437.1 2,051.1 2,191.5 8,810.6
Operating Income(5) 449.5 656.3 341.6 380.2 1,827.6
Net Earnings Attributable to
The Estée Lauder Companies Inc. 300.7 432.5 213.2 257.7 1,204.1
Net earnings attributable to
The Estée Lauder Companies Inc.
per common share:
Basic .78 1.11 .55 .67 3.12
Diluted .76 1.09 .54 .66 3.06
Fiscal 2013
Net Sales(5) $2,549.5 $2,933.0 $2,291.8 $2,407.4 $10,181.7
Gross Profit 2,010.3 2,365.0 1,848.7 1,931.8 8,155.8
Operating Income(5) 482.0 653.1 245.1 145.8 1,526.0
Net Earnings Attributable to
The Estée Lauder Companies Inc. 299.5 447.5 178.8 94.0 1,019.8
Net earnings attributable to
The Estée Lauder Companies Inc.
per common share:
Basic .77 1.16 .46 .24 2.63
Diluted .76 1.13 .45 .24 2.58
(1) Fiscal 2014 first quarter results include charges associated with restructuring activities of $(1.2) million. Fiscal 2013 first quarter results include
charges associated with restructuring activities of $(0.4) million, debt extinguishment charges of $(19.1) million ($(12.2) million after tax, or $(.03)
per diluted common share), certain out-of-period adjustments of $(5.9) million ($(7.4) million after tax, or $(.02) per diluted common share) and
other income of $1.8 million ($1.2 million after tax).
(2) Fiscal 2014 second quarter results include adjustments associated with restructuring activities of $3.5 million ($2.3 million after tax, or $.01 per
diluted common share). Fiscal 2013 second quarter results include charges associated with restructuring activities of $(14.6) million ($(9.5) million
after tax, or $(.02) per diluted common share), certain out-of-period adjustments of $13.6 million ($9.1 million after tax, or $.02 per diluted
common share) and other income of $21.3 million ($13.6 million after tax, or $.03 per diluted common share).
(3) Fiscal 2014 third quarter results include charges associated with restructuring activities of $(0.2) million and a charge related to the remeasurement
of net monetary assets in Venezuela of $(38.3) million, before and after tax, or $(.10) per diluted common share. Fiscal 2013 third quarter results
include adjustments associated with restructuring activities of $1.7 million ($1.0 million after tax).
(4) Fiscal 2014 fourth quarter results include adjustments associated with restructuring activities of $0.8 million. Fiscal 2013 fourth quarter results
include charges associated with restructuring activities of $(4.5) million ($(2.8) million after tax, or $(.01) per diluted common share) and goodwill
and other intangible asset impairment charges of $(17.7) million ($(15.0) million after tax, or $(.04) per diluted common share).
(5) As a result of the Company’s July 2014 SMI rollout, approximately $178 million of accelerated orders were recorded as net sales (approximately
$127 million as operating income or $.21 per diluted common share) in the fiscal 2014 fourth quarter that the Company believes would normally
occur in the fiscal 2015 first quarter. As a result of the Company’s January 2013 SMI rollout, approximately $94 million of accelerated orders were
recorded as net sales (approximately $78 million of operating income or $.13 per diluted common share) in the fiscal 2013 second quarter that
likely would have occurred in the fiscal 2013 third quarter.