estee lauder companies-cl a (EL) Key Developments
The Estée Lauder Companies Inc. Appoints Nancy Mahon to Senior Vice President, Global Philanthropy and Corporate Citizenship
Oct 7 14
The Estée Lauder Companies Inc. announced the appointment of Nancy Mahon to Senior Vice President, Global Philanthropy and Corporate Citizenship, reporting directly to William P. Lauder, Executive Chairman, The Estée Lauder Companies Inc. Ms. Mahon will continue as Global Director of the M--A--C AIDS Fund, for which she reports to Group President John Demsey and M--A--C Global President Karen Buglisi Weiler. In her new role, Ms. Mahon will design and implement a global corporate citizenship strategy, encompassing all philanthropic, cause-marketing, and employee engagement programs across the Company. She will have responsibility for synergizing best practices in these areas across the Company's brands, regions and functions, further integrating citizenship into the Company's strategy. She will also play a leadership role in measuring and communicating the business and societal impacts of these initiatives on brand awareness, consumer engagement and loyalty, and employee recruitment and retention. Ms. Mahon will succeed Deborah Krulewitch in this role. Ms. Krulewitch, Senior Vice President, Corporate Administration, has overseen philanthropic contributions since joining the Company in 1988. She will continue to oversee Executive Office Administration, Office Services, and the Company's partnerships with the Breast Cancer Research Foundation and Alzheimer's Drug Discovery Fund.
The Estée Lauder Companies Inc. Presents at The China Global Investment Summit: Hangzhou, Oct-16-2014 09:15 AM
Sep 11 14
The Estée Lauder Companies Inc. Presents at The China Global Investment Summit: Hangzhou, Oct-16-2014 09:15 AM. Venue: Hyatt Regency Hangzhou, Hangzhou, China. Speakers: Charlene Barshefsky, Independent Director and Member of Nominating & Board Affairs Committee.
The Estée Lauder Companies Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2014; Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2015
Aug 15 14
The Estée Lauder Companies Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended June 30, 2014. For the quarter, the company has posted net sales of $2,725.3 million against $2,407.4 million a year ago. Operating income was $380.2 million against $145.8 million a year ago. Earnings before income tax were $367.6 million against $132.8 million a year ago. Net earnings were $258.4 million against $95.9 million a year ago. Net earnings attributable to company were $257.7 million or $0.66 diluted per share against $94.0 million or $0.24 diluted per share a year ago.
For the full year, the company has posted net sales of $10,968.8 million against $10,181.7 million a year ago. Operating income was $1,827.6 million against $1,526.0 million a year ago. Earnings before income tax were $1,776.8 million against $1,475.2 million a year ago. Net earnings were $1,209.1 million against $1,023.8 million a year ago. Net earnings attributable to company were $1,204.1 million or $3.06 diluted per share against $1,019.8 million or $2.58 diluted per share a year ago. Net cash flows provided by operating activities were $1,535.2 million against $1,226.3 million a year ago. The increase primarily reflected the higher net earnings, and an increase in accounts payable. Capital expenditure was $510.2 million against $461.0 million a year ago. Operating income increased, primarily reflecting recent product launches from certain of the Company's heritage brands, as well as increased results from luxury skin care products.
For the first quarter of fiscal 2015, the company’s net sales are forecasted to decrease between 1% and 2% in constant currency. Diluted net earnings per share, including the effect of the accelerated retailer orders, are projected to be between $2.89 to $2.99. Diluted net earnings per share, excluding the effect of the accelerated retailer orders, are projected to be between $3.10 to $3.20.
For the year 2015, the company expected to leverage its strong sales growth and continue to reduce non-value-added costs to further improve its operating margin in fiscal 2015. The company's fiscal 2015 first quarter and full year outlook includes the impact of this shift. In fiscal 2015, the company expects to increase cash flow from operations to approximately $1.7 billion. Capital plan is $560 million, and it will continue to support customer-facing investments in counters, retail stores and retail and HR systems. For fiscal 2015 rate is planned at 30% to 32%.
The Estée Lauder Companies Inc. Declares Dividend on Class A and Class B Common Stock, Payable on September 15, 2014
Aug 15 14
The Estée Lauder Companies Inc. announced that it will pay a quarterly dividend of $0.20 per share on the company's Class A and Class B Common Stock on September 15, 2014 to stockholders of record at the close of business on August 29, 2014.
The Second U.S. Circuit Court of Appeals Affirming the Dismissal of Complaint against Clinique Laboratories and Estee Lauder Relating to False Marketing of Cosmetic Products
Aug 15 14
The Second U.S. Circuit Court of Appeals, affirming the dismissal of a complaint relating to the marketing of seven cosmetic products, concluded that consumers lacked standing to bring claims for products they did not purchase. Claims regarding the products the plaintiffs purchased were inadequately pleaded. Clinique Laboratories L.L.C. and Estee Lauder Cos. produced and marketed seven different cosmetic products sold under the Repairwear product line. Ellen MacKlin DiMuro, Margaret Ohayon and Dana Stein sued Clinique. The complaint alleged that no ingredient in Clinique's products could actually "de-age" the skin as Clinique claimed in its advertising. Clinique moved to dismiss, arguing the plaintiffs did not have standing to bring claims for Repairwear products they did not buy. Additionally, Clinique argued the plaintiffs failed to state viable claims for the three products they purchased. The district court granted the motion to dismiss. The plaintiffs appealed. The district court properly dismissed claims for the four products the plaintiffs did not buy because there was no substantial similarity between them and the purchased products. The Second Circuit reasoned that each of the seven products had different ingredients. Furthermore, Clinique made different advertising claims for each product. Dismissal of the breach of warranty claims was appropriate. The complaint pleaded in a conclusory manner, with no supporting facts, that the Repairwear products did not conform to warranties and could not provide the promised "de-aging" benefits. The plaintiffs failed to state a plausible claim of entitlement to relief. The district court did not abuse its discretion in denying amendment of the complaint where the plaintiffs previously filed three complaints in the action and failed to cure identified deficiencies.