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New York, NY 10153
THE ESTÉE LAUDER COMPANIES SALES INCREASED 10% IN FISCAL 2012
- OPERATING MARGIN ROSE 120 BASIS POINTS -
- EARNINGS PER SHARE CLIMBED 23% TO $2.27 -
- Before Restructuring Activities -
New York, NY, August 14, 2012 - The Estée Lauder Companies Inc. (NYSE: EL) today reported a strong financial performance for its fourth quarter and fiscal year ended June 30, 2012. For the year, the Company had net sales of $9.71 billion, a 10% increase compared with $8.81 billion reported in the prior year. Excluding the impact of foreign currency translation, net sales also increased 10% from a year ago. The Company reported a 110 basis point increase in operating margin and net earnings for the year rose 22% to $856.9 million, compared with $700.8 million last year. Diluted net earnings per common share rose 24% to $2.16, compared with $1.74 reported in the prior year. All mention of net earnings in the body of this release refers to net earnings attributable to The Estée Lauder Companies Inc., which reflects the adjustment for noncontrolling interests.
The fiscal 2012 full year results included returns and charges associated with restructuring activities of $63.2 million ($44.1 million after tax), equal to $.11 per diluted common share. The fiscal 2011 full year results included returns and charges associated with restructuring activities of $59.4 million ($41.7 million after tax), equal to $.10 per diluted common share.
Excluding these returns and charges in fiscal 2012 and 2011, net sales for the year ended June 30, 2012 increased 10% to $9.72 billion and net earnings rose 21% to $901.0 million. Diluted net earnings per common share rose 23% to $2.27 versus a comparable $1.85 in the prior-year period. A reconciliation between GAAP and non-GAAP financial measures is included in this release.
Fabrizio Freda, President and Chief Executive Officer, said, A very strong fourth quarter, in which we generated double-digit growth in sales, excluding currency, and earnings per share, was driven largely by continued momentum in the U.S. and strong growth in China and travel retail. This performance capped another record year for our Company. In fiscal 2012, we grew sales, net earnings and earnings per share by double digits. Our sales grew at twice the rate of worldwide prestige beauty, owing to the success of our highly innovative products, marketing
The following information was filed by Estee Lauder Companies Inc (EL) on Tuesday, August 14, 2012 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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