The company achieved net earnings of $319.8 million for the 2003 fiscal year, compared with $212.5 million reported in the same period last year.
For the fourth quarter ended June 30, 2003, the company’s net sales increased 8% to $1.22 billion, compared with $1.13 billion in the fourth quarter of fiscal 2002. Net sales in the quarter increased in the double-digit range in skin and hair care and high single-digits in makeup, while fragrance declined. Net sales increased in each geographic region, with double-digit growth reported in Europe, the Middle East and Africa, high single-digit growth in Asia/Pacific and a slight increase in the Americas.
“This was a year of renewed growth for us,” said Fred H. Langhammer, president and chief executive officer. “Sales gains were achieved in all geographic regions. We strengthened our position in our four major product categories through new product activity, while continuing to strategically invest in our brands to further build momentum at retail. The combination of top-line growth and the realization of cost containment initiatives led to solid growth in net earnings.”