| Estée Lauder Companies Reports Fiscal Year Earnings Per Share of $2.40 |
Growth Driven by Robust International Sales and Earnings Fourth Quarter EPS Rises 36% on 14% Increase in Sales
NEW YORK--(BUSINESS WIRE)--Aug. 14, 2008--The Estée Lauder Companies Inc. (NYSE: EL) today reported $7.91 billion in net sales for its fiscal year ended June 30, 2008, a 12% increase over the $7.04 billion reported in the prior year. Excluding the impact of foreign currency translation, net sales rose 8%. The Company reported net earnings for the year ended June 30, 2008 of $473.8 million compared with $449.2 million last year. Diluted net earnings per common share for the year rose 11% to $2.40 compared with $2.16 reported in the prior year. William P. Lauder, Chief Executive Officer said, "Our Company delivered strong sales gains and solid double-digit earnings per share growth in both the fourth quarter and full year. We effectively managed our business through diverse economic challenges, particularly in the United States, by building on the strength of our brand portfolio. Importantly, our strategic investments enabled us to achieve a terrific worldwide performance, highlighted by outstanding double-digit sales and earnings growth from our international operations, where we are continuing to build market share and leverage opportunities in emerging markets. "Our plan for fiscal 2009 is to enhance our strategies and initiatives to achieve greater levels of profitable growth. We believe that focusing investments on our high-growth brands, promising distribution channels and international markets will enable us to meet that goal. It is clear that our greatest strengths lie in our brands and in our employees; they are a highly effective combination that provide our consumers with the hallmark products and services that have made our Company a global leader in luxury beauty." Fourth Quarter Results For the three months ended June 30, 2008, the Company reported net sales of $2.01 billion, a strong 14% increase from $1.76 billion in the fourth quarter of fiscal 2007. Excluding the impact of foreign currency translation, net sales rose 9%. On a reported basis, as well as in constant currency, net sales increased in each product category and geographic region. The Company reported an outstanding 36% increase in net earnings for the fourth quarter of $120.2 million, versus $88.6 million last year. Diluted net earnings per common share also increased 36% to $.61, compared with $.45 reported in the same prior-year period. In the fourth quarter of fiscal 2007, the Company increased its investment spending to drive growth, acquire market share and expand geographically, especially in key international markets.
Full-Year Results by Product Category
----------------------------------------------------------------------
Year Ended June 30
------------------------------------
(Unaudited; Dollars in millions) Net Sales Percent Change
--------------------------------- ----------------- ------------------
Reported Local
2008 2007 Basis Currency
-------- -------- -------- --------
Skin Care $2,996.8 $2,601.0 15.2% 10.3%
Makeup 3,000.4 2,712.7 10.6 6.8
Fragrance 1,432.0 1,308.6 9.4 4.9
Hair Care 427.1 377.1 13.3 11.2
Other 54.5 38.1 43.0 39.4
Special charges related to
cost savings initiative - -
-------- --------
Total $7,910.8 $7,037.5 12.4% 8.2%
======== ========
Operating Percent
(Unaudited; Dollars in millions) Income (Loss) Change
-------------------------------- ----------------- --------
Reported
2008 2007 Basis
-------- -------- --------
Skin Care $ 405.6 $ 341.5 18.8%
Makeup 359.4 339.3 5.9
Fragrance 36.2 28.1 28.8
Hair Care 11.5 42.5 (72.9)
Other (1.6) (0.4) (100.0+)
Special charges related to
cost savings initiative (0.4) (1.1)
------- -------
Total $ 810.7 $ 749.9 8.1%
======= =======
The net sales growth in each of the product categories in fiscal 2008 was particularly strong in view of the solid sales gains last year. For fiscal 2008, on a reported basis, as well as in constant currency, sales increased in all product categories within each of the Company's geographic regions.
Skin Care
-- As a percentage, skin care sales growth was strongest in the
Asia/Pacific region, owing to new whitening products and
higher sales in Greater China.
-- In addition to sales growth from certain existing products,
the skin care category benefited from strong worldwide
incremental sales of recent products, such as Idealist Pore
Minimizing Skin Refinisher and Cyber White EX by Estée Lauder,
and Acne Solutions Clear Skin System and Redness Solutions
from Clinique. The category's growth reflected double-digit
gains from the Company's La Mer brand, due in part to the
momentum from the recent launch of The Eye Concentrate.
-- Operating income rose, primarily reflecting improved results
internationally. The overall operating results in this
category were adversely impacted in the prior year by expenses
related to the Company's pharmacy channel business.
Makeup
-- The makeup category posted solid double-digit sales growth
internationally and a single-digit increase in the Americas.
-- Double-digit growth in the Company's makeup artist brands
contributed more than 65% of the incremental sales. The strong
gains in the makeup artist brands were generated by solid
product performances, additional market and door expansion,
and new freestanding retail stores.
-- Also contributing to the growth were incremental sales from
the recent launches of Estée Lauder Signature Hydra Lustre
Lipstick and Supermoisture Makeup from Clinique.
-- Operating income increased, primarily reflecting strong
international growth, partially offset by lower results in the
United States from certain of the Company's core brands, as
well as costs related to the establishment of new points of
distribution for the M-A-C brand. Additionally, makeup
operating income reflects a valuation reserve for the
impairment of certain financial instruments in connection with
the divestiture of the Stila brand in fiscal 2006.
Fragrance
-- In absolute dollars, fragrance sales growth was strongest in
the Company's European region, primarily driven by newer
fragrance offerings, followed by gains in Asia/Pacific and the
Americas. Fragrance sales were tempered by the soft retail
environment in the United States.
-- While current year sales compared favorably to the prior year,
the Company continues to face challenges in this product
category, primarily in the United States.
-- Contributing to the sales growth were products such as Sean
John Unforgivable Woman, Dreaming Tommy Hilfiger, DKNY Be
Delicious and Estée Lauder Pure White Linen Light Breeze.
-- Operating income in the fragrance category increased,
reflecting higher international growth from certain core
brands as well as improved results from some of the Company's
developing brands. These positives were partially offset by
lower results from the Company's designer fragrance business,
due to incremental spending in support of new product launches
as well as existing fragrances.
Hair Care
-- Sales of hair care products increased, due to the inclusion of
the Ojon brand, which was acquired in July 2007, and higher
sales from Aveda and Bumble and bumble.
-- The increase in Aveda net sales benefited from the recent
launches of Smooth Infusion and Aveda Men Pure-Formance
products, as well as the recent acquisition of an independent
distributor.
-- Sales at Bumble and bumble were up due to new points of
distribution and increases from its hotel amenities program,
which was discontinued in the fiscal third quarter.
-- Hair care operating results declined, primarily reflecting
one-time costs related to the acquisition and integration of
Ojon to position the brand for future growth. The lower
results are also due to an increase in intangible asset
amortization resulting from recent strategic acquisitions
coupled with investments designed to support short- and
long-term growth in this category through new points of
distribution.
Full-Year Results by Geographic Region
----------------------------------------------------------------------
Year Ended June 30
------------------------------------
(Unaudited; Dollars in millions) Net Sales Percent Change
--------------------------------- ----------------- ------------------
Reported Local
2008 2007 Basis Currency
-------- -------- -------- --------
The Americas $3,711.5 $3,560.9 4.2% 3.5%
Europe, the Middle East & Africa 3,006.7 2,493.4 20.6 12.3
Asia/Pacific 1,192.6 983.2 21.3 14.6
Special charges related to
cost savings initiative - -
-------- --------
Total $7,910.8 $7,037.5 12.4% 8.2%
======== ========
Operating Percent
(Unaudited; Dollars in millions) Income (Loss) Change
--------------------------------- ---------------- ---------
Reported
2008 2007 Basis
------- -------- ---------
The Americas $228.3 $ 336.4 (32.1)%
Europe, the Middle East & Africa 433.1 321.4 34.8
Asia/Pacific 149.7 93.2 60.6
Special charges related to
cost savings initiative (0.4) (1.1)
------ -------
Total $810.7 $ 749.9 8.1%
====== =======
The Americas
-- Sales growth reflected overall gains in Canada and Latin
America, as well as the inclusion of the Ojon brand. Gains
were also achieved in the United States from the Company's
makeup artist and hair care brands, and internet distribution.
These increases were partially offset by lower sales from
certain of the Company's core brands.
-- The Company believes the soft retail environment in the United
States during the year, particularly in the department store
channel, as well as competitive pressures, negatively impacted
certain of the Company's brands. These challenges have been
mitigated through sales in alternative channels, such as
freestanding retail stores, the internet, self-select
distribution and direct-response television.
-- Operating income in the Americas declined versus the
prior-year period, primarily reflecting a difficult retail
environment coupled with the investments and higher intangible
asset amortization related to the Company's hair care business
mentioned above. Operating results also reflected higher costs
of global information technology systems and infrastructure.
In addition, the Company established new points of
distribution for existing brands, incurred costs to streamline
certain business activities to generate future efficiencies,
and recorded a charge for the impairment of certain financial
instruments mentioned above.
Europe, the Middle East & Africa
-- In constant currency, net sales increased sharply in virtually
all countries in the region. The higher sales were led by
double-digit growth in the Company's travel retail business
and the United Kingdom, as well as strong gains in France,
Germany and Italy.
-- Strong double-digit sales increases were also achieved in
certain emerging markets, including Russia and Eastern Europe.
-- Operating income increased, primarily due to improved results
in travel retail, the United Kingdom, Italy, the Balkans and
Spain. Partially offsetting these increases were lower results
in Russia and India, reflecting spending to support market
expansion in these emerging countries. The overall operating
results in this region were adversely impacted in the prior
year by expenses related to the Company's pharmacy channel
business.
Asia/Pacific
-- This region generated significant constant currency sales
growth with every country posting increases. Strong
double-digit growth was generated in China, Hong Kong, Korea
and Malaysia. Japan, the Company's largest Asian market,
continued to improve with sales rising mid-single digits.
-- In China, the Company's largest emerging Asian market, most of
the Company's brands recorded double-digit retail sales
growth, including strong like-door growth.
-- Operating income in the region increased substantially, with
all countries experiencing profit growth for the year.
Improved results were led by Japan, Hong Kong, China,
Australia and Korea.
Full-Year Cash Flows
-- For the twelve months ended June 30, 2008, net cash flows
provided by operating activities increased 4% to $690.1
million, compared with $661.6 million in the prior-year
period.
-- The increase primarily reflects higher net earnings before
certain non-cash items, such as depreciation, amortization and
stock-based compensation. These improvements were partially
offset by the timing and level of trade payables, as well as
higher accounts receivable balances, principally related to
significant sales growth from the Company's international
operations.
-- Operating cash flow was utilized primarily for capital
investments, dividends, the acquisition of Ojon and the
repurchase of shares of the Company's Class A Common Stock.
Estimate of Fiscal 2009 First Quarter and Full Year
First Quarter
-- Net sales are expected to grow between 9% and 11% in constant
currency.
-- Foreign currency translation benefit is expected to be
approximately 1% versus the prior-year period.
-- Diluted net earnings per share are projected to be between
$.18 and $.25.
Full Year
-- Net sales are forecasted to grow between 6% and 8% in constant
currency.
-- Foreign currency translation is expected to have a minimal
negative impact versus the prior-year period.
-- Diluted net earnings per share are projected to be between
$2.57 and $2.72.
-- On a product category basis, in constant currency, sales in
hair care and skin care are expected to be the leading sales
growth categories, followed by makeup and fragrance.
-- Geographic region net sales growth in constant currency is
expected to be led by Asia/Pacific, followed by Europe, the
Middle East & Africa, and the Americas.
Forward-Looking Statements
The forward-looking statements in this press release, including those containing words like "expect," "planned," "may," "could," "anticipate," "estimate," "projected," "forecasted," those in Mr. Lauder's remarks and those in the "Estimate of Fiscal 2009 First Quarter and Full Year" section involve risks and uncertainties. Factors that could cause actual results to differ materially from those forward-looking statements include the following:
(1) increased competitive activity from companies in the skin care,
makeup, fragrance and hair care businesses, some of which have
greater resources than the Company does;
(2) the Company's ability to develop, produce and market new
products on which future operating results may depend and to
successfully address challenges in the Company's core brands,
including gift with purchase, and in the Company's fragrance
business;
(3) consolidations, restructurings, bankruptcies and
reorganizations in the retail industry causing a decrease in
the number of stores that sell the Company's products, an
increase in the ownership concentration within the retail
industry, ownership of retailers by the Company's competitors
and ownership of competitors by the Company's customers that
are retailers;
(4) destocking by retailers;
(5) the success, or changes in timing or scope, of new product
launches and the success, or changes in the timing or scope,
of advertising, sampling and merchandising programs;
(6) shifts in the preferences of consumers as to where and how they
shop for the types of products and services the Company sells;
(7) social, political and economic risks to the Company's foreign
or domestic manufacturing, distribution and retail operations,
including changes in foreign investment and trade policies and
regulations of the host countries and of the United States;
(8) changes in the laws, regulations and policies (including the
interpretation and enforcement thereof) that affect, or will
affect, the Company's business, including those relating to
its products, changes in accounting standards, tax laws and
regulations, trade rules and customs regulations, and the
outcome and expense of legal or regulatory proceedings, and
any action the Company may take as a result;
(9) foreign currency fluctuations affecting the Company's results
of operations and the value of its foreign assets, the
relative prices at which the Company and its foreign
competitors sell products in the same markets and the
Company's operating and manufacturing costs outside of the
United States;
(10) changes in global or local conditions, including those due to
natural or man-made disasters, real or perceived epidemics, or
energy costs, that could affect consumer purchasing, the
willingness or ability of consumers to travel and/or purchase
the Company's products while traveling, the financial strength
of the Company's customers, suppliers or other contract
counterparties, the Company's operations, the cost and
availability of capital which the Company may need for new
equipment, facilities or acquisitions, the cost and
availability of raw materials and the assumptions underlying
the Company's critical accounting estimates;
(11) shipment delays, depletion of inventory and increased
production costs resulting from disruptions of operations at
any of the facilities that manufacture nearly all of the
Company's supply of a particular type of product (i.e., focus
factories) or at the Company's distribution or inventory
centers, including disruptions that may be caused by the
implementation of SAP as part of the Company's Strategic
Modernization Initiative;
(12) real estate rates and availability, which may affect the
Company's ability to increase the number of retail locations
at which the Company sells its products and the costs
associated with the Company's other facilities;
(13) changes in product mix to products which are less profitable;
(14) the Company's ability to acquire, develop or implement new
information and distribution technologies, on a timely basis
and within the Company's cost estimates;
(15) the Company's ability to capitalize on opportunities for
improved efficiency, such as publicly announced cost-savings
initiatives, and to integrate acquired businesses and realize
value therefrom;
(16) consequences attributable to the events that are currently
taking place in the Middle East, including terrorist attacks,
retaliation and the threat of further attacks or retaliation;
(17) the timing and impact of acquisitions and divestitures, which
depend on willing sellers and buyers, respectively, and;
(18) additional factors as described in the Company's filings with
the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended June 30, 2008.
The Company assumes no responsibility to update forward-looking
statements made herein or otherwise.
The Estée Lauder Companies Inc. is one of the world's leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company's products are sold in over 140 countries and territories under the following brand names, Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, M-A-C, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna Karan, Aveda, Jo Malone, Bumble and bumble, Darphin, Michael Kors, American Beauty, Flirt!, Good Skin(TM), Grassroots, Sean John, Missoni, Daisy Fuentes, Tom Ford, Mustang, Coach, Ojon and Eyes by Design. An electronic version of this release can be found at the Company's website, www.elcompanies.com.
THE ESTEE LAUDER COMPANIES INC.
SUMMARY OF CONSOLIDATED RESULTS
(Unaudited; In millions, except per share data and percentages)
Three Months Ended
June 30 Percent
-------------------
2008 2007 Change
--------- --------- -------
Net Sales $2,012.1 $1,762.4 14.2%
Cost of sales 490.6 421.7
-------- --------
Gross Profit 1,521.5 1,340.7 13.5%
-------- --------
Gross Margin 75.6% 76.1%
Operating expenses:
Selling, general and administrative 1,319.5 1,179.1
Special charges related to cost savings
initiative 0.9 0.7
-------- --------
1,320.4 1,179.8 11.9%
-------- --------
Operating Expense Margin 65.6% 67.0%
Operating Income 201.1 160.9 25.0%
Operating Income Margin 10.0% 9.1%
Interest expense, net 14.0 15.7
-------- --------
Earnings before Income Taxes, Minority
Interest
and Discontinued Operations 187.1 145.2 28.9%
Provision for income taxes 62.2 56.1
Minority interest, net of tax (4.7) (0.7)
-------- --------
Net Earnings from Continuing Operations 120.2 88.4 36.0%
Discontinued operations, net of tax - 0.2
-------- --------
Net Earnings $ 120.2 $ 88.6 35.7%
======== ========
Basic net earnings per common share:
Net earnings from continuing
operations $ .62 $ .46 35.5%
Discontinued operations, net of tax - .00
-------- --------
Net earnings $ .62 $ .46 35.2%
======== ========
Diluted net earnings per common share:
Net earnings from continuing
operations $ .61 $ .45 36.1%
Discontinued operations, net of tax - .00
-------- --------
Net earnings $ .61 $ .45 35.8%
======== ========
Weighted average common shares
outstanding:
Basic 194.4 193.8
Diluted 197.9 198.2
Year Ended
June 30 Percent
-------------------
2008 2007 Change
--------- --------- -------
Net Sales $7,910.8 $7,037.5 12.4%
Cost of sales 1,996.8 1,774.8
-------- --------
Gross Profit 5,914.0 5,262.7 12.4%
-------- --------
Gross Margin 74.8% 74.8%
Operating expenses:
Selling, general and administrative 5,102.9 4,511.7
Special charges related to cost savings
initiative 0.4 1.1
-------- --------
5,103.3 4,512.8 13.1%
-------- --------
Operating Expense Margin 64.5% 64.1%
Operating Income 810.7 749.9 8.1%
Operating Income Margin 10.3% 10.7%
Interest expense, net 66.8 38.9
-------- --------
Earnings before Income Taxes, Minority
Interest
and Discontinued Operations 743.9 711.0 4.6%
Provision for income taxes 259.9 255.2
Minority interest, net of tax (10.2) (7.1)
-------- --------
Net Earnings from Continuing Operations 473.8 448.7 5.6%
Discontinued operations, net of tax - 0.5
-------- --------
Net Earnings $ 473.8 $ 449.2 5.5%
======== ========
Basic net earnings per common share:
Net earnings from continuing
operations $ 2.44 $ 2.20 11.2%
Discontinued operations, net of tax - .00
-------- --------
Net earnings $ 2.44 $ 2.20 11.1%
======== ========
Diluted net earnings per common share:
Net earnings from continuing
operations $ 2.40 $ 2.16 11.3%
Discontinued operations, net of tax - .00
-------- --------
Net earnings $ 2.40 $ 2.16 11.2%
======== ========
Weighted average common shares
outstanding:
Basic 193.9 204.3
Diluted 197.1 207.8
THE ESTEE LAUDER COMPANIES INC.
SUMMARY OF CONSOLIDATED RESULTS
(Unaudited; Dollars in millions)
Three Months Ended
June 30 Percent Change
------------------- ------------------
Reported Local
2008 2007 Basis Currency
--------- --------- -------- --------
NET SALES
By Region:
The Americas $ 903.5 $ 859.5 5.1% 4.3%
Europe, the Middle East &
Africa 820.8 661.4 24.1 15.0
Asia/Pacific 287.8 241.5 19.2 11.7
-------- --------
Total $2,012.1 $1,762.4 14.2% 9.3%
======== ========
By Product Category:
Skin Care $ 789.3 $ 664.0 18.9% 13.0%
Makeup 754.3 670.7 12.5 8.3
Fragrance 339.4 314.1 8.1 3.0
Hair Care 115.9 103.7 11.8 9.5
Other 13.2 9.9 33.3 30.3
-------- --------
Total $2,012.1 $1,762.4 14.2% 9.3%
======== ========
OPERATING INCOME (LOSS)
By Region:
The Americas $ 34.5 $ 81.4 (57.6)%
Europe, the Middle East &
Africa 139.8 66.3 100.0+
Asia/Pacific 27.7 13.9 99.3
Special charges related to
cost savings initiative (0.9) (0.7)
-------- --------
Total $ 201.1 $ 160.9 25.0%
======== ========
By Product Category:
Skin Care $ 107.3 $ 68.9 55.7%
Makeup 75.7 73.5 3.0
Fragrance 21.2 6.9 100.0+
Hair Care (1.4) 11.6 (100.0+)
Other (0.8) 0.7 (100.0+)
Special charges related to
cost savings initiative (0.9) (0.7)
-------- --------
Total $ 201.1 $ 160.9 25.0%
======== ========
Year Ended
June 30 Percent Change
------------------- -----------------
Reported Local
2008 2007 Basis Currency
--------- --------- -------- --------
NET SALES
By Region:
The Americas $3,711.5 $3,560.9 4.2% 3.5%
Europe, the Middle East &
Africa 3,006.7 2,493.4 20.6 12.3
Asia/Pacific 1,192.6 983.2 21.3 14.6
-------- --------
Total $7,910.8 $7,037.5 12.4% 8.2%
======== ========
By Product Category:
Skin Care $2,996.8 $2,601.0 15.2% 10.3%
Makeup 3,000.4 2,712.7 10.6 6.8
Fragrance 1,432.0 1,308.6 9.4 4.9
Hair Care 427.1 377.1 13.3 11.2
Other 54.5 38.1 43.0 39.4
-------- --------
Total $7,910.8 $7,037.5 12.4% 8.2%
======== ========
OPERATING INCOME (LOSS)
By Region:
The Americas $ 228.3 $ 336.4 (32.1)%
Europe, the Middle East &
Africa 433.1 321.4 34.8
Asia/Pacific 149.7 93.2 60.6
Special charges related to
cost savings initiative (0.4) (1.1)
-------- --------
Total $ 810.7 $ 749.9 8.1%
======== ========
By Product Category:
Skin Care $ 405.6 $ 341.5 18.8%
Makeup 359.4 339.3 5.9
Fragrance 36.2 28.1 28.8
Hair Care 11.5 42.5 (72.9)
Other (1.6) (0.4) (100.0+)
Special charges related to
cost savings initiative (0.4) (1.1)
-------- --------
Total $ 810.7 $ 749.9 8.1%
======== ========
THE ESTEE LAUDER COMPANIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; In millions)
June 30 June 30
2008 2007
--------- ---------
ASSETS
Current Assets
Cash and cash equivalents $ 401.7 $ 253.7
Accounts receivable, net 1,038.8 860.5
Inventory and promotional merchandise, net 987.2 855.8
Prepaid expenses and other current assets 359.5 269.4
-------- --------
Total Current Assets 2,787.2 2,239.4
-------- --------
Property, Plant and Equipment, net 1,043.1 880.8
Other Assets 1,180.9 1,005.5
-------- --------
Total Assets $5,011.2 $4,125.7
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term debt $ 118.7 $ 60.4
Accounts payable 361.7 314.7
Other current liabilities 1,218.8 1,125.6
-------- --------
Total Current Liabilities 1,699.2 1,500.7
-------- --------
Noncurrent Liabilities
Long-term debt 1,078.2 1,028.1
Other noncurrent liabilities and minority interest 580.6 397.9
Total Stockholders' Equity 1,653.2 1,199.0
-------- --------
Total Liabilities and Stockholders' Equity $5,011.2 $4,125.7
======== ========
----------------------------------------------------------------------
SELECT CASH FLOW DATA
(Unaudited; In millions)
Year Ended
June 30
-------------------
2008 2007
--------- ---------
Cash Flows from Operating Activities
Net earnings $ 473.8 $ 449.2
Depreciation and amortization 250.7 207.2
Deferred income taxes (115.6) 9.9
Other items 84.5 65.7
Changes in operating assets and liabilities:
Increase in accounts receivable, net (86.5) (68.0)
Increase in inventory and promotional
merchandise, net (70.7) (70.8)
Increase in accounts payable and other
accrued liabilities 172.2 104.4
Other operating assets and liabilities, net (18.3) (30.3)
-------- --------
Net cash flows provided by operating
activities from continuing operations 690.1 667.3
Net cash flows used for operating
activities of discontinued operations - (5.7)
-------- --------
Net cash flows provided by operating
activities $ 690.1 $ 661.6
======== ========
Capital expenditures $ 357.8 $ 312.1
Repayments and redemptions of debt 5.9 37.2
Payments to acquire treasury stock 129.6 1,004.3
Dividends paid 106.6 103.6
CONTACT: The Estée Lauder Companies Inc.
Investor Relations:
Dennis D'Andrea, 212-572-4384
or
Media Relations:
Alexandra Trower, 212-572-4430
SOURCE: The Estée Lauder Companies Inc.
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