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The Estée Lauder Companies Inc. Annual Report 2011

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The Estée Lauder Companies Inc. Annual Report 2011 The Estée Lauder Companies Inc. Annual Report 2011 2 Executive Chairman’s Letter 6 President and Chief Executive Officer’s Letter 14 Driving Our Momentum 66 Outlook 72 Portfolio of Brands 82 Board of Directors 84 Executive Officers 85 Financial Highlights Contents 89 Financial Section 157 Management’s Report on Internal Control over Financial Reporting 158 Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting 159 Report of Independent Registered Public Accounting Firm 160 Stockholder Information 72571cd_edt 1 9/10/11 8:16 AM Executive Chairman’s Letter William P. Lauder 2 72571cd_edt 2 9/10/11 8:16 AM Dear Fellow Stockholders, Fiscal 2011 was a tremendous year for The Estée Lauder Companies. Thanks to the efforts of our talented employees and leaders, and guided by the superb management of our President and Chief Executive Officer, Fabrizio Freda, we successfully grew our business, recorded strong sales gains across all of our regions and significantly increased our stockholder value. In fact, we broke many of our historical financial records, demonstrating what can happen when great brands and great people deliver their very best. Throughout our history, we have been a growth company and this year was no exception. Guided by a strong strategy, we grew share in many key markets and advanced our Strategic Modernization Initiative, an important step forward in ensuring that we are an integrated and successful company. We also continued to exercise financial discipline and produced significant cost savings, a portion of which were re-invested into our areas of greatest opportunity. One of the ways that we grow is by expanding our portfolio of brands so that we can continue to delight and increase the loyalty of our global consumers. One of the ways that we grow is by expanding our portfolio of brands so that we can continue to delight and increase the loyalty of our global consumers. When it comes to acquiring new brands, we at The Estée Lauder Companies are highly selective. Last year, we acquired the Hollywood photo studio-inspired brand, Smashbox. I am happy to report that for the last year we have been successfully integrating the brand into our organization and have planned an exciting relaunch to consumers in the fall of 2011. In addition, we recently acquired the fragrance license for the luxury Italian brand, Ermenegildo Zegna, which is one of the fastest growing men’s luxury brands in China. We look forward to growing the brand and expanding its global business. 3 72571cd_edt.indd 3 9/13/11 9:53 PM We continued to make great progress across the areas of stakeholder engagement, philanthropy and sustainable innovation. For many years now, I have been personally committed to advancing all of our corporate responsibility initiatives and I am particularly pleased with our most recent accomplishments. In October 2010, we released our most comprehensive Corporate Responsibility Report, highlighting the great efforts of our brands and the important strides we are taking as a company. In the past fiscal year, through our Breast Cancer Awareness Campaign, the employees and brands of The Estée Lauder Companies raised more than $6.5 million globally for the Breast Cancer Research Foundation, the nonprofit organization founded by my mother, Evelyn H. Lauder, to provide critical funding towards preventing and curing breast cancer. In addition, we achieved $1.75 million in savings from energy conservation efforts, increased the recycling of our manufacturing waste by an additional 50 percent and initiated a new company-wide “Green Chemistry Initiative” to measure our progress in reducing our overall environmental impact over the course of our products’ life cycles, from sourcing to recycling. We truly believe that what is good for the world is good for our business and we will strive to contribute in positive ways for years to come. Responsibility to our world and communities is not only reflected in our pursuit to become a better corporate citizen, it is also made evident in the everyday actions of the individuals and teams that make up our workforce. The family values that have been our foundation from the very beginning are reflected in our culture around the world on a daily basis, from employees who came together to support our colleagues in Japan during this year’s tragic earthquake to supporting flood victims from the United States to Australia. In line with our culture and strategy, we continue to focus on the biggest opportunities for our business, while simultaneously ensuring that the reputation we have built over our 60-plus years will continue to set the industry standard for the next 60. I am dedicated to helping lead our Company forward and have spent much of my time this past year traveling the world to meet with employees, industr y leaders and consumers. Relationships are critical to who we are and, as Executive Chairman, I am committed to strengthening our relationships with new and existing stakeholders. 4 72571cd_edt.indd 4 9/13/11 9:53 PM I want to give a special thanks to my father, Leonard Lauder, whose expertise and energy continue to be a benchmark of leadership excellence for all of us who work with him. I am also grateful to our Executive Leadership Team for its exceptional management, our Board of Directors for its continued guidance and to my colleague and partner, Fabrizio Freda, for his tremendous efforts in taking our Company to new heights. Of course, I am indebted to our incredible employees who embody the wealth of our Company. As we continue to expand our business, whether it be in the digital space or in emerging markets, we will live our mission to “bring the best to everyone we touch and be the best in everything we do.” This is a very exciting time for us, and I am extremely gratified by the many successes of The Estée Lauder Companies. I extend my deepest thanks to all of you who have helped us achieve extraordinary success and who continue to shape our history — our employees, our consumers, our customers, our suppliers, our communities and our stockholders. I look forward to the many years ahead of us as we continue to earn your trust, your confidence and your pride. Sincerely, William P. Lauder Executive Chairman 5 72571cd_edt 5 9/10/11 8:16 AM President and Chief Executive Officer’s Letter Fabrizio Freda 6 72571cd_edt 6 9/10/11 8:16 AM Dear Fellow Stockholders, I am pleased to report that fiscal 2011 was another outstanding year for The Estée Lauder Companies. Driven by fantastic momentum across our brands, regions and product categories, we made significant progress against our strategic goals, outperformed the global prestige beauty industry and set many financial records for our Company. Today, we are more than two years into our strategyand by virtually all measures have made tremendous strides. As a result of our success, we are extending our strategy for another year, through fiscal 2014, with even more ambitious goals. We experienced many outstanding achievements during the past year. First, we grew sales by 13 percent — three times the growth of global prestige beauty. Additionally, we saw double-digit sales increases across our largest product categories of skin care and makeup, as well as in our geographic regions. We had our best year in North America in a decade, achieved prestige beauty leadership in China and became the leader in skin care in travel retail, the fastest-growing category in one of the fastest-growing prestige beauty channels. It is clear our strategy is working, we are executing with excellence and we remain focused on our vision — to be the global leader in prestige beauty: a brand-building powerhouse of unrivaled cre- ativity and innovation. Fiscal 2011 milestones* include: • Record net sales of $8.8 billion • Record gross margin of 78.1% • Operating margin of 13.0% • Record net earnings of $743 million • Record earnings per share of $3.69 • Record cash flow from operations of more than $1 billion *Before charges associated with restructuring activities 7 72571cd_edt 7 9/10/11 8:16 AM Our strategic journey began in 2009. Since that time, we have stepped forward with confidence and better aligned our organization and infrastructure to support our new corporate strategy. In the process, we reduced non-value-added costs and imposed new financial discipline across the Company. At the same time, we developed the necessary capabilities to improve our competiveness and, today, we are better positioned to manage our business more effectively and allocate our resources to the most promising opportunities. The qualities that have been central to The Estée Lauder Companies since our beginning shape who we are and inspire us to deliver uncompromising quality and unparalleled service to our consumers. In fiscal 2011, we updated our strategy to prioritize those opportunities with the biggest potential and, as a result, increased our share in several key product categories and geographic regions. For example, we saw the luxury sector recover significantly and prestige beauty gain against mass in many important countries and categories. Our continued commitment to providing prestige product and service innovations has been paying off. We recognize that in order to be a truly global company we need to be even more locally relevant. This year, we grew our capabilities to innovate closer to where our consumers live and shop, especially in emerg- ing markets. We opened a larger research and development facility in Shanghai to help us develop break- through technologies and products based on the preferences of Chinese consumers. We also expanded 8 72571cd_edt 8 9/13/11 2:24 PM our distribution in the most locally relevant channels within each of our geographies.
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