Exhibit 99.1

 

 

News
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ESTÉE LAUDER COMPANIES REPORTS FOURTH QUARTER AND FISCAL YEAR
2009 RESULTS IN LINE WITH EXPECTATIONS

 

PROVIDES OUTLOOK FOR FIRST QUARTER AND FISCAL YEAR 2010

 

New York, NY, August 13, 2009 -

The Estée Lauder Companies Inc. (NYSE: EL) today reported its results for the fourth quarter and fiscal year ended June 30, 2009 that were in line with the Company’s expectations.

 

For the year, the Company had net sales of $7.32 billion, a 7% decrease compared with $7.91 billion reported in the prior fiscal year.  Excluding the impact of foreign currency translation, net sales declined 2%.  The Company reported net earnings, including charges associated with restructuring activities, for the year ended June 30, 2009 of $218.4 million compared with $473.8 million last year.  Diluted net earnings per common share for the year were $1.10, compared with $2.40 reported in the prior year.

 

The fiscal 2009 full year results included charges associated with restructuring activities of $91.7 million (pre-tax), equal to $.31 per diluted common share. Excluding these charges, net earnings for the fiscal 2009 full year were $280.1 million and diluted earnings per share were $1.42.  A reconciliation between GAAP and non-GAAP financial measures is included in this press release.

 

During the year, the Company’s business in each of its product categories and geographic regions continued to be adversely impacted by the challenging and volatile global economic conditions.  The worldwide economic downturn negatively affected consumer demand, resulting in weak retail sales and inventory destocking by certain key retailers.  These conditions are reflected in the Company’s sales and operating results and were most pronounced in the Americas and Europe, the Middle East & Africa regions.  For the full fiscal year, in the Asia/Pacific region, the Company generated a strong performance, reporting double-digit sales growth in constant currency as well as double-digit gains in operating income.  Despite the challenging economic climate, the Company believes it gained share globally in much of its distribution.

 

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The following information was filed by Estee Lauder Companies Inc (EL) on Thursday, August 13, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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