Estee Lauder bags sales of $7.04 billion in fiscal year
16 Aug '07
3 min read
The Estee Lauder Companies Inc reported $7.04 billion in net sales for its fiscal year ended June 30, 2007, a 9% increase over the $6.46 billion reported in the prior year. Excluding the impact of foreign currency translation, net sales rose 7%.
The Company reported net earnings from continuing operations for the year ended June 30, 2007 of $448.7 million, compared with $324.5 million last year. Diluted net earnings per common share from continuing operations for the year rose 45% to $2.16, compared with $1.49 reported in the prior year.
The prior year included $93.0 million, after-tax, or $.43 per diluted share, in special charges associated with the Company's cost savings initiative and tax-related matters. Included in the prior year charges was an operating expense charge of $92.1 million (or $58.0 million after-tax), equal to $.27 per diluted common share, related to the Company's cost savings initiative, which commenced in fiscal 2006.
Fiscal year 2006 results also included a net special tax charge, recorded in the fourth quarter, related to a settlement with the Internal Revenue Service, partially offset by the completion and updated computations related to the repatriation of intercompany dividends under the provisions of the American Jobs Creation Act of 2004.
On a combined basis, the tax-related matters amounted to a net charge of $35.0 million and negatively impacted diluted earnings per common share for the full fiscal year 2006 by $.16.
marketing@alchempro.com
