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767 Fifth Avenue
New York, NY 10153
THE ESTÉE LAUDER COMPANIES REPORTS RECORD FISCAL 2014 FOURTH
QUARTER AND FULL YEAR RESULTS
- STRONG BROAD-BASED TOPLINE GROWTH DRIVES DOUBLE-DIGIT
EPS INCREASE -
- UNDERLYING SALES AND EARNINGS OUTLOOK REMAINS STRONG -
- COMPANY INCREASES LONG-TERM OPERATING MARGIN GOAL -
New York, NY, August 15, 2014 - The Estée Lauder Companies Inc. (NYSE: EL) today reported a strong financial performance for its fourth quarter and fiscal year ended June 30, 2014. For the year, the Company achieved record net sales of $10.97 billion, an 8% increase compared with $10.18 billion in the prior year. Excluding the impact of foreign currency translation, net sales also increased 8%. The Company reported a 170 basis-point increase in operating margin, and net earnings for the year rose 18% to $1.20 billion, compared with $1.02 billion last year. Diluted net earnings per common share rose 19% to $3.06, compared with $2.58 reported in the prior year.
Fabrizio Freda, President and Chief Executive Officer, said, Fiscal 2014 was another outstanding year for our Company. We achieved record results across many metrics, including sales, operating margin, earnings per share and operating cash flow. Our topline growth was nearly double that of prestige beauty and was broad-based across regions, product categories and channels, despite slower industry growth in some key countries. Our emerging markets, makeup and luxury brands, and our online, freestanding store and travel retail channels led our growth. At the same time, we made careful investment choices to support the fastest areas of growth, while continuing to eliminate non-value-added costs. This excellent performance further demonstrates the resilience and consistency of our strategic business model and strengthened our leadership in global prestige beauty.
During fiscal 2014, the Company remeasured its Venezuelan net monetary assets to the recently enacted foreign currency exchange rate mechanism, SICAD II, and recorded a remeasurement charge of $38.3 million, both before and after tax, equal to approximately $.10 per diluted share.
The following information was filed by Estee Lauder Companies Inc (EL) on Friday, August 15, 2014 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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