Estee Lauder Reachers $5 Billion Milestone

The Estee Lauder Companies Inc. reported net sales for the fiscal year ended June 30, 2003, were $5.12 billion, the first $5 billion sales year in the company’s history. The net sales for the year represent an 8% increase from $4.74 billion reported in the prior year. Excluding the impact of foreign currency translation, net sales increased 4%.

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 double-digits in skin care and hair care and high-single-digits in makeup, while fragrance declined. Net sales increased in each geographic region, with double-digit growth in Europe, the Middle East & Africa, high-single-digit growth in Asia/Pacific and a slight increase in the Americas.

Fred H. Langhammer, president and chief executive officer, said, “This was a year of renewed growth for us. 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.”