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The Estée Lauder Companies, Inc. (EL) Investor Day

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The Estée Lauder Companies, Inc. (EL) Investor Day Corrected Transcript 06-Mar-2019 The Estée Lauder Companies, Inc. (EL) Investor Day Total Pages: 55 1-877-FACTSET www.callstreet.com Copyright © 2001-2019 FactSet CallStreet, LLC The Estée Lauder Companies, Inc. (EL) Corrected Transcript Investor Day 06-Mar-2019 CORPORATE PARTICIPANTS Fabrizio Freda Tracey Thomas Travis President, Chief Executive Officer & Director, The Estée Lauder Executive Vice President and Chief Financial Officer, The Estée Lauder Companies, Inc. Companies, Inc. John D. Demsey Chris Good Executive Group President, The Estée Lauder Companies, Inc. Group President-North America Region, The Estée Lauder Companies, Inc. Andrew Ross Executive Vice President-Strategy & New Business Development, The Jane Lauder Estée Lauder Companies, Inc. Director & Global Brand President-Clinique, The Estée Lauder Companies, Inc. Jane Hertzmark Hudis Group President, The Estée Lauder Companies, Inc. Cedric Prouvé Group President-International, The Estée Lauder Companies, Inc. Dennis McEniry President of ELC Online, The Estée Lauder Companies, Inc. Joy Fan Senior Vice President, General Manager, China, The Estée Lauder Olivier Bottrie Companies, Inc. Global President, Travel Retail and Retail Development, The Estée Lauder Companies, Inc. Rohan Vaziralli General Manager, India, The Estée Lauder Companies, Inc. Stephane de La Faverie Global Brand President, Estée Lauder, The Estée Lauder Companies, Maria-Laura Santos Tarnow Inc. General Manager Brazil, The Estée Lauder Companies, Inc. Sandra Main William P. Lauder Global President, La Mer and Bobbi Brown, Estee Lauder Companies, Executive Chairman, The Estée Lauder Companies, Inc. The Estée Lauder Companies, Inc. Guillaume Jesel Global President-Tom Ford Beauty, The Estée Lauder Companies, Inc. ...................................................................................................................................................................................................................................................... OTHER PARTICIPANTS Olivia Tong Mark Stiefel Astrachan Analyst, Bank of America Merrill Lynch Analyst, Stifel, Nicolaus & Co., Inc. Jason English Michael Binetti Analyst, Goldman Sachs & Co. LLC Analyst, Credit Suisse Securities (USA) LLC Erinn E. Murphy Ali Dibadj Analyst, Piper Jaffray & Co. Analyst, Sanford C. Bernstein & Co. LLC 2 1-877-FACTSET www.callstreet.com Copyright © 2001-2019 FactSet CallStreet, LLC The Estée Lauder Companies, Inc. (EL) Corrected Transcript Investor Day 06-Mar-2019 MANAGEMENT DISCUSSION SECTION Operator: The Estee Lauder Companies would like to remind you that today's presentation includes a number of forward-looking statements. Please refer to the Company's most recent reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these forward-looking statements. Also, during this presentation, the Company will reference certain non-GAAP financial measures. You can find reconciliations between GAAP and non-GAAP figures on the investors section of the Company's website, www.elcompanies.com. Today's event is being recorded and webcast. Please welcome the President and Chief Executive Officer of The Estée Lauder Companies, Fabrizio Freda. ...................................................................................................................................................................................................................................................... Fabrizio Freda President, Chief Executive Officer & Director, The Estée Lauder Companies, Inc. Good morning and welcome to The Estée Lauder Companies' Investor Day. We are very excited today to give you greater insights into our business. We believe you'll walk away with a different understanding of what's fueling our winning strategy and why our company is so attractively positioned for the future. You will also have an opportunity to meet and hear from some of our impressive leaders who are running our business, bringing our strategy to life on a daily basis. That will give you a deep dive into some of the key business drivers that I will share with you now. We will also have two Q&A sessions during the course of the day, one mid-morning and one at lunch. So, in a fast changing global business environment, our company is beautifully positioned in the sweet spot of consumer goods. Global Prestige Beauty marries the best features of consumer product companies with those of luxury houses. Like high quality consumer products, our brands generate superior consumer loyalty, evident in strong repurchase rates. In the U.S. for example, sales from our top-selling skin care products are repurchased at an outstanding rate ranging from 45% to 60%. And like luxury companies, our aspirational brands have pricing power. Consumer recognize the value of our high quality products and high-touch services. Our – on average pricing increases represents 20% to 25% of our annual net sales growth. However, unlike more expensive Prestige goods, our products are affordable luxury. And historically, growth has been resilient and less sensitive to economic downturns. The lipstick index is a reality. We are distinctively a unique company: not only are we a force in one of the most attractive consumer areas, Prestige Beauty, we are 100% focused on it. Profitable growing in Prestige Beauty is all what we do. However, within Prestige Beauty we are now well diversified, by brands, categories, geographies, channels, consumer segments and price points, making us the best diversified pure play. Prestige Beauty has proven to be one of the most attractive and fast growing consumer sectors driven by favorable long-term demographic, a growing consumer passion for high quality beauty products. It has generated average sales growth of 6% over the last five years, about double the 3% of Consumer Staples. Our growth has been even stronger and we have outpaced Prestige Beauty year after year, leading to a significant share gains and the trend is continuing. Our forecast for fiscal year 2019 is for 8% to 9% growth in constant currency, ahead of the industry and higher than our long-term goals. Important to note is that we successfully leveraged our multiple engines of growth strategy. In different years, we were driven by different 3 1-877-FACTSET www.callstreet.com Copyright © 2001-2019 FactSet CallStreet, LLC The Estée Lauder Companies, Inc. (EL) Corrected Transcript Investor Day 06-Mar-2019 engines. At the same time we have grown up our top-line, we have also dramatically transformed our operations, freeing up resources to invest and to fuel strong growth for the years to come. Our Leading Beauty Forward initiative has enabled us to cut cost and invest in new capabilities for the future, including digital and analytics. We doubled our advertising and promotional spending and improved its rate of return. Our advertising spending increased sharply, while promotions has remained stable. Over the past 10 years, our strategy has delivered exceptional results. Net sales rose on average 8% and every year we achieved or exceeded our ambitious long- term goals. In calendar 2018, we added $1.4 billion in sales, which was more in absolute value than the increase in Prestige Beauty sales from each one of our two nearest competitors. We attracted many more new consumers, especially in key emerging markets. Also by comparison, the total of all indie brands are nowhere near the size of any of the top-three Prestige Beauty companies. Even if some of them had larger growth rates, they contributed far less in absolute dollar growth. Our earning per share increased on average 21%, rising consistently year-after-year. Our global share reached 14.4%, anchoring our position at the largest players in Global Prestige Beauty, leaving ample space for future growth. Total stockholder return was 983% – anyway, by the end of the year we need to get to 1000%, well above – that's why you are here – well above the S&P 500 and S&P Consumer Staples Index and also above our peer group. We consistently outperformed Consumer Staples and Prestige Beauty. We are in a league of our own. Last but not least, our results drove an outstanding increase in our market cap, which grew from $6 billion to $56 billion since 2009. Let me tell you now why we are confident our results should continue for the next ten years. First of all, we will stay focused on the fast growing Prestige Beauty industry. Our strategic process which we call the 10-year compass revealed many positive dynamics that are expected to boost Prestige Beauty growth in coming years and we are in a perfect position to take advantage of them. The growing middle class in both emerging and in most developed markets will control growing spending power. Many of these women aspire to Prestige Beauty brands and to their quality standards. The digital revolution provides new opportunities in all aspect of business and/or retail from product development and technology to shopping experiences and marketing. And consumers are putting a greater importance on health and wellness and purpose-driven brands and organizations. Demographic shifts will further drive demand for Prestige Beauty. It's estimated the middle class will grow by 600 million people, representing greater than $5 trillion in added global spending power by 2028, an increase of 50%. These are our most avid consumers. The growth will be driven by consumers in developing countries, the largest being China, but also India, Southeast Asia or Brazil as well as
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