雅诗兰黛Estee Lauder (EL) 2004年年度报告「NYSE」.pdf

1、THE ESTE LAUDER COMPANIES INC.767 FIFTH AVENUE NEW YORK,NEW YORK 10153THE ESTE LAUDER COMPANIES INC.2004 ANNUAL REPORTTHECOMPANIES INC.ANNUAL ESTE LAUDER2004REPORTTHE ESTE LAUDER COMPANIES INC.2004 ANNUAL REPORTBRINGING THE BEST TO EVERYONE WE TOUCHCONTENTS102Tribute to Mrs.Este Lauder04Portfolio of

2、 Brands08Chairmans Message13Chief Executives Review34Board of Directors35Officers36Financial Highlights37Selected Financial Data38Consolidated Statements of Earnings39Managements Discussion and Analysis ofFinancial Condition and Results of Operations56Consolidated Balance Sheets57Consolidated Statem

3、ents of Stockholders Equityand Comprehensive Income58Consolidated Statements of Cash Flows59Notes to Consolidated Financial Statements 83Report of Independent Registered Public Accounting Firm84Stockholder InformationTHE ESTE LAUDER COMPANIES INC.The Este Lauder Companies Inc.is one of the worlds le

4、ading manufacturers and marketers of quality skincare,makeup,fragrance and hair care products.The Companys products are sold in over 130 countries andterritories under well-recognized brand names,including Este Lauder,Clinique,Aramis,Prescriptives,Origins,M.A.C,Bobbi Brown,Tommy Hilfiger,La Mer,Donn

5、a Karan,Aveda,Stila,Jo Malone,Bumble andbumble,kate spade beauty,Darphin,Michael Kors and Rodan+Fields.THE AMERICASThe Company was founded by Este Lauder in 1946 in New York City.In fiscal 2004,the Americas region represented 55%of net sales and 49%of operating income.EUROPE,THE MIDDLE EAST&AFRICAOu

6、r first international door opened in 1960 inLondon.In fiscal 2004,Europe,the Middle East&Africa represented 32%of net salesand 43%of operating income.This region includes results from our travel retail business.ASIA/PACIFIC We established a presence in Hong Kong in 1961.In fiscal 2004,theAsia/Pacifi