The Estée Lauder Companies First Quarter Sales Rise 6% in Local Currency

  The Estée Lauder Companies First Quarter Sales Rise 6% in Local Currency

             Company on Track to Deliver Strong Full Year Results

Business Wire

NEW YORK -- October 31, 2013

The Estée Lauder Companies Inc. (NYSE:EL) today reported net sales for its
first quarter ended September 30, 2013 of $2.68 billion, a 5% increase
compared with $2.55 billion in the prior-year quarter. Excluding the impact of
foreign currency translation, net sales increased 6%. Net earnings for the
quarter were $300.7 million, compared with $299.5 million last year and
diluted net earnings per common share were $.76, which was flat with the prior
year.

The fiscal 2014 and 2013 first quarter results included charges associated
with restructuring activities of $1.2 million and $0.4 million, respectively.
Additionally, in the fiscal 2013 first quarter, the Company recorded a pre-tax
charge of $19.1 million ($12.2 million after tax), for the extinguishment of
debt, equal to $.03 per diluted common share.

Excluding these charges in the first quarters of fiscal 2014 and 2013, net
earnings for the three months ended September 30, 2013 were $301.6 million,
and diluted net earnings per common share were $.76, versus a comparable $.79
in the prior-year period. A reconciliation between GAAP and non-GAAP financial
measures is included in this release.

Fabrizio Freda, President and Chief Executive Officer, said, “I’m pleased that
our sales growth was in line with our target and we exceeded our earnings per
share estimate for the quarter, despite softer-than-expected market conditions
in certain countries. We achieved these results on the strength of our brands,
many of which have introduced successful new innovations that we have
supported with strong marketing programs. Our luxury brands, online and travel
retail channels, and emerging markets continued to generate excellent results,
lead our growth and contributed to broad sales gains in each of our geographic
regions and major product categories.

“Looking ahead, we are well positioned for the important holiday shopping
period, with the strongest slate of new fragrances in more than a decade, as
well as other innovative products across our categories. We are focused on
achieving superior top-line growth by driving sales momentum throughout the
fiscal year with our product and service innovations, backed by creativity,
product quality and comprehensive marketing programs. For the full fiscal
year, we continue to expect to grow sales 6% to 8% in local currency, which is
double our global prestige beauty estimate, and we are revising our earnings
per share estimate to $2.80 to $2.87, after taking up the bottom of the
range.”

Net sales growth during the quarter was particularly strong in the Company’s
luxury and M•A•C brands, online and travel retail channels and overall in
emerging markets. Many developed countries reported solid gains as well. The
Company made further progress on its strategic goals and realized a solid
improvement in cost of sales. As planned, the Company increased global
advertising spending versus the prior-year quarter to support its biggest
innovations and certain existing products.


Results by Product Category
              
                Three Months Ended September 30
(Unaudited;                                                   Operating                 Percent
Dollars in      Net Sales              Percent Change                               
millions)                                                     Income (Loss)             Change
                                        Reported   Local                                Reported
                2013       2012                             2013       2012
                                        Basis      Currency                             Basis
                                                                                      
Skin Care       $ 1,171.0   $ 1,113.5      5   %   6     %    $ 241.6       $ 259.0       (7  )%
Makeup            1,001.0     960.4        4       5            166.3         161.3       3
Fragrance         367.4       347.6        6       6            36.9          53.4        (31 )
Hair Care         124.8       113.9        10      10           8.4           10.7        (21 )
Other            10.8       14.1         (23 )   (23   )     (2.5  )      (2.0  )     (25 )
Subtotal          2,675.0     2,549.5      5       6            450.7         482.4       (7  )
Returns and
charges
associated       —          —                                (1.2  )      (0.4  )
with
restructuring
activities
Total           $ 2,675.0   $ 2,549.5      5   %   6     %    $ 449.5      $ 482.0      (7  )%

                                                                                                 

Skin Care

  *The skin care category is a strategic priority for the Company. The
    Company gained share during the quarter in this category in certain
    countries where its products are sold.
  *Sales gains reflect the launches of the Company’s new Advanced Night
    Repair Synchronized Recovery Complex II from Estée Lauder and Dramatically
    Different Moisturizing Lotion + from Clinique, as well as the recent
    launch of Advanced Night Repair Eye Serum Infusion from Estée Lauder.
  *Continued strong growth from the Company’s luxury skin care brand, La Mer,
    also contributed to sales growth.
  *Operating income declined, because of increased investment spending behind
    recent major product launches to accelerate sales growth, as well as new
    capabilities.

Makeup

  *Higher makeup sales primarily reflected strong growth from the Company’s
    makeup artist brands and the recent launch of All About Shadow from
    Clinique.
  *Increased sales from Smashbox and the Tom Ford line of cosmetics
    contributed to the category’s growth.
  *The increase in makeup operating income primarily reflected improved
    performance from the M•A•C brand, partially offset by certain heritage
    brands.

Fragrance

  *In fragrance, sales increases were generated from the recent launches of
    Estée Lauder Modern Muse, Zegna Uomo and Michael Kors Sexy Amber. Higher
    fragrance sales were also generated from luxury brands Jo Malone,
    including its new Peony and Blush Suede fragrance, and Tom Ford.
  *Fragrance operating income decreased, as higher marketing investments
    behind new launches were partially offset by the success and profitable
    progress of certain luxury brands.

Hair Care

  *Hair care net sales growth was driven by Aveda, reflecting the continued
    success of its Invati line of products. The launch of Dryspun Finish from
    Bumble and bumble added incremental sales.
  *The category growth also benefited from expanded global distribution, in
    particular to specialty-multi retailers for Bumble and bumble and to
    salons for Aveda.
  *Sales declined at Ojon due, in part, to its exit from the direct response
    television channel, which is expected to be completed by the second
    quarter of fiscal 2014.
  *Hair care operating results decreased, due, in part, to additional
    investments related to expanded distribution and an increase in
    advertising expenses during the current-year period.


Results by Geographic Region
              
                Three Months Ended September 30
(Unaudited;                                                   Operating                   Percent
Dollars in      Net Sales              Percent Change                                 
millions)                                                     Income (Loss)               Change
                                        Reported   Local                                  Reported
                2013       2012                             2013         2012
                                        Basis      Currency                               Basis
                                                                                        
The Americas    $ 1,202.4   $ 1,182.1      2  %    2    %     $156.0          $ 172.3        (9 )%
Europe, the
Middle East &     891.2       824.9        8       7          180.8             196.9        (8 )
Africa.
Asia/Pacific     581.4      542.5        7       11         113.9           113.2       1
Subtotal          2,675.0     2,549.5      5       6          450.7             482.4        (7 )
Returns and
charges
associated       —          —                               (1.2      )      (0.4  )
with
restructuring
activities
Total           $ 2,675.0   $ 2,549.5      5  %    6    %     $  449.5      $ 482.0       (7 )%

                                                                                                   

The Americas

  *Net sales in the United States increased moderately, reflecting growth
    from certain of the Company’s luxury, makeup artist, hair care and
    designer fragrances brands, partially offset by declines at certain
    heritage brands.
  *Double-digit sales growth was recorded in Latin America, and net sales in
    Canada also increased.
  *Sales to specialty-multi stores rose high-single digits, and the Company’s
    online business grew double-digits.
  *Operating income in the Americas decreased, reflecting the planned higher
    marketing spending during the current-year period to support major product
    launches. The decrease also reflected lower sales on some base business in
    certain heritage brands in softer markets.

Europe, the Middle East & Africa

  *In constant currency, net sales increased in the majority of countries in
    the region, and the Company estimates that it continued to outperform
    prestige beauty in many markets.
  *The net sales increase was led by high-single-digit growth in the
    Company’s travel retail business and double-digit growth in the United
    Kingdom and Switzerland. Germany and France generated solid growth, while
    sales in Southern Europe, where the retail environment continues to be
    challenging, were relatively flat.
  *The Company’s net sales growth in travel retail primarily reflected a
    stronger retail environment for the Company’s products, particularly
    luxury brands, and to a lesser extent, an increase in global airline
    passenger traffic.
  *Operating income decreased, as higher results from the Company’s travel
    retail business and the Balkans were more than offset by lower operating
    results in most other countries, primarily due to increases in investment
    spending for recent major launches and initial costs associated with
    freestanding retail store expansion.

Asia/Pacific

  *In the region, every country posted net sales increases except Korea. The
    Company’s strongest local currency growth was generated in China, Hong
    Kong and Taiwan, each posting strong double-digit increases.
  *Results in China included sales to new consumers in expanded distribution
    in tier two, three and four cities and new skin care product launches.
    Sales at retail continued to grow strong double-digits.
  *The lower sales in Korea reflected continuing difficult economic
    conditions and competitive pressures. The Company expects to see continued
    weakness in prestige beauty in Korea.
  *The Company estimates that it gained share in certain countries, including
    China, within its points of distribution during the quarter.
  *In Asia/Pacific, operating income increased slightly, with higher results,
    primarily from China, Taiwan and Hong Kong, being partially offset by
    lower operating results in Japan and Vietnam.

Cash Flows

  *For the three months ended September 30, 2013, net cash flows provided by
    operating activities were $29.9 million, compared with $125.2 million of
    net cash flows used for operating activities in the prior year.
  *The change primarily reflected a net increase in cash from certain working
    capital components.

Outlook for Fiscal 2014 Second Quarter and Full Year

The Company continues to expect global prestige beauty to rise approximately
three to four percent, tempered by continued weakness in certain Southern
European countries and Korea. The Company continues to expect beauty market
growth in the U.S., but at a slower pace than in fiscal 2013. The Company
expects to further improve its gross and operating margins by leveraging its
strong sales growth and maintaining its successful pull advertising strategy,
while continuing to reduce non-value added costs.

Second Quarter Fiscal 2014

  *Net sales are forecasted to grow between 3% and 5% in constant currency.
  *Foreign currency translation is expected to negatively impact sales by
    approximately 1% versus the prior-year period.
  *The Company expects to increase advertising spending in the quarter to
    support major new product launch activity, including fragrances during the
    important holiday period, which is expected to continue to build sales
    momentum in the coming quarters.
  *Diluted net earnings per share are projected to be between $.99 and $1.04.
  *Comparisons with the current fiscal year second quarter will be affected
    by certain events/items that took place in the second quarter last year,
    including: The accelerated sales orders shifted into the Company’s fiscal
    2013 second quarter from its third quarter in advance of the Company’s
    January 2013 implementation of SAP. This amounted to approximately $94
    million in sales and about $78 million in operating income, equal to
    approximately $.13 per diluted common share. Adjusting for the shift,
    sales growth for the fiscal 2014 second quarter is expected to be between
    6% and 8% in local currency.
    Additionally, in December 2012, the Company amended the agreement related
    to the August 2007 sale of Rodan + Fields to receive a fixed amount in
    lieu of future consideration and other rights and, as a result, recognized
    $21.3 million in other income, equal to approximately $.04 per diluted
    common share.

Full Year Fiscal 2014

  *Net sales are forecasted to grow between 6% and 8% in constant currency.
  *Foreign currency translation is expected to negatively impact sales by
    between 1% to 2% versus the prior-year period.
  *Diluted net earnings per share are now projected to be $2.80 to $2.87,
    increasing the mid-point of the range. The 1% to 2% negative currency
    impact on the sales growth equates to about $.07 of earnings per share.

The Company expects to roll out the last major wave of its Strategic
Modernization Initiative (SMI) in July 2014 in certain of its locations. As a
result, some retailers may accelerate sales orders that the Company believes
would normally occur in its fiscal 2015 first quarter, into the Company’s
fiscal 2014 fourth quarter, in advance of this implementation to provide
adequate safety stock to mitigate any potential short-term business
interruption associated with the SMI rollout. The Company’s fiscal 2014 full
year outlook does not include the impact of this potential shift. As the
Company gets closer to its fiscal fourth quarter, it will provide an estimate
of the sales and operating income impact of the shift.

Conference Call

The Estée Lauder Companies will host a conference call at 10:00 a.m. (ET)
today, October 31, 2013 to discuss its results. The dial-in number for the
call is 888-294-4716 in the U.S. or 706-902-0101 internationally (conference
ID number: 78520821). The call will also be webcast live at
http://investors.elcompanies.com.

Forward-Looking Statements

The forward-looking statements in this press release, including those
containing words like “expect,” “plans,” “may,” “could,” “anticipate,”
“estimate,” “projected,” “forecasted,” those in Mr. Freda’s remarks and those
in the “Outlook for Fiscal 2014 Second Quarter and Full Year” section involve
risks and uncertainties. Factors that could cause actual results to differ
materially from those forward-looking statements include the following:

           increased competitive activity from companies in the skin care,
  (1)   makeup, fragrance and hair care businesses, some of which have
           greater resources than the Company does;
           the Company’s ability to develop, produce and market new products
    (2)    on which future operating results may depend and to successfully
           address challenges in the Company’s business;
           consolidations, restructurings, bankruptcies and reorganizations in
           the retail industry causing a decrease in the number of stores that
           sell the Company’s products, an increase in the ownership
    (3)    concentration within the retail industry, ownership of retailers by
           the Company’s competitors or ownership of competitors by the
           Company’s customers that are retailers and our inability to collect
           receivables;
    (4)    destocking and tighter working capital management by retailers;
           the success, or changes in timing or scope, of new product launches
    (5)    and the success, or changes in the timing or the scope, of
           advertising, sampling and merchandising programs;
    (6)    shifts in the preferences of consumers as to where and how they
           shop for the types of products and services the Company sells;
           social, political and economic risks to the Company’s foreign or
    (7)    domestic manufacturing, distribution and retail operations,
           including changes in foreign investment and trade policies and
           regulations of the host countries and of the United States;
           changes in the laws, regulations and policies (including the
           interpretations and enforcement thereof) that affect, or will
           affect, the Company’s business, including those relating to its
    (8)    products or distribution networks, changes in accounting standards,
           tax laws and regulations, environmental or climate change laws,
           regulations or accords, trade rules and customs regulations, and
           the outcome and expense of legal or regulatory proceedings, and any
           action the Company may take as a result;
           foreign currency fluctuations affecting the Company’s results of
           operations and the value of its foreign assets, the relative prices
    (9)    at which the Company and its foreign competitors sell products in
           the same markets and the Company’s operating and manufacturing
           costs outside of the United States;
           changes in global or local conditions, including those due to the
           volatility in the global credit and equity markets, natural or
           man-made disasters, real or perceived epidemics, or energy costs,
           that could affect consumer purchasing, the willingness or ability
           of consumers to travel and/or purchase the Company’s products while
           traveling, the financial strength of the Company’s customers,
    (10)   suppliers or other contract counterparties, the Company’s
           operations, the cost and availability of capital which the Company
           may need for new equipment, facilities or acquisitions, the returns
           that the Company is able to generate on its pension assets and the
           resulting impact on its funding obligations, the cost and
           availability of raw materials and the assumptions underlying the
           Company’s critical accounting estimates;
           shipment delays, commodity pricing, depletion of inventory and
           increased production costs resulting from disruptions of operations
           at any of the facilities that manufacture nearly all of the
    (11)   Company’s supply of a particular type of product (i.e., focus
           factories) or at the Company’s distribution or inventory centers,
           including disruptions that may be caused by the implementation of
           SAP as part of the Company’s Strategic Modernization Initiative or
           by restructurings;
           real estate rates and availability, which may affect the Company’s
    (12)   ability to increase or maintain the number of retail locations at
           which the Company sells its products and the costs associated with
           the Company’s other facilities;
    (13)   changes in product mix to products which are less profitable;
           the Company’s ability to acquire, develop or implement new
           information and distribution technologies and initiatives on a
    (14)   timely basis and within the Company’s cost estimates and the
           Company’s ability to maintain continuous operations of such systems
           and the security of data and other information that may be stored
           in such systems or other systems or media;
           the Company’s ability to capitalize on opportunities for improved
    (15)   efficiency, such as publicly-announced strategies and restructuring
           and cost-savings initiatives, and to integrate acquired businesses
           and realize value therefrom;
           consequences attributable to local or international conflicts
    (16)   around the world, as well as from any terrorist action, retaliation
           and the threat of further action or retaliation;
    (17)   the timing and impact of acquisitions and divestitures, which
           depend on willing sellers and buyers, respectively; and
           additional factors as described in the Company’s filings with the
    (18)   Securities and Exchange Commission, including its Annual Report on
           Form 10-K for the fiscal year ended June 30, 2013.
           
    The Company assumes no responsibility to update forward-looking statements
    made herein or otherwise.
           

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers
and marketers of quality skin care, makeup, fragrance and hair care products.
The Company’s products are sold in over 150 countries and territories under
the following brand names: Estée Lauder, Aramis, Clinique, Prescriptives, Lab
Series, Origins, M•A•C, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna
Karan, Aveda, Jo Malone, Bumble and bumble, Darphin,  Michael Kors, American
Beauty, Flirt!, GoodSkin Labs, Grassroots Research Labs, Tom Ford, Coach,
Ojon, Smashbox, Ermenegildo Zegna, Aerin Beauty, Osiao, Marni and Tory Burch.

An electronic version of this release can be found at the Company’s website,
www.elcompanies.com.

                                                                             
                                                                             
THE ESTÉE LAUDER COMPANIES INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited; In millions, except per share data and percentages)
                                                                 
                                     Three Months Ended              Percent

                                     September 30                    Change
                                     2013          2012
                                                                             
Net Sales                            $ 2,675.0       $ 2,549.5         5  %
Cost of sales                         544.1         539.2   
Gross Profit                          2,130.9       2,010.3        6  %
                                                                             
Gross Margin                           79.7    %       78.9    %
                                                                             
Operating expenses:
Selling, general and                   1,680.2         1,527.9
administrative
Restructuring and other charges       1.2           0.4     
(A)
                                      1,681.4       1,528.3        10 %
Operating Expense Margin               62.9    %       60.0    %
                                                                             
Operating Income                       449.5           482.0           (7 )%
                                                                             
Operating Income Margin                16.8    %       18.9    %
                                                                             
Interest expense, net                  13.5            15.8
Interest expense on debt               —               19.1
extinguishment (B)
Other income                          —             1.8     
Earnings before Income Taxes           436.0           448.9           (3 )%
                                                                             
Provision for income taxes            134.2         149.3   
Net Earnings                           301.8           299.6           1  %
                                                                             
Net earnings attributable to          (1.1    )      (0.1    )
noncontrolling interests
Net Earnings Attributable to The
Estée Lauder                         $ 300.7        $ 299.5          0  %
Companies Inc.
                                                                             
                                                                             
Net earnings attributable to The
Estée Lauder Companies Inc.
per common share:
Basic                                $ .78           $ .77             0  %
Diluted                                .76             .76             0  %
                                                                             
Weighted average common shares
outstanding:
Basic                                  387.8           387.8
Diluted                                394.9           395.5


(A) During the second quarter of fiscal 2013, the Company closed its
multi-faceted cost savings program implemented in February 2009 (the
“Program”) and will continue to execute all remaining initiatives through
fiscal 2014. The impact of returns, charges and adjustments related to the
Program for each fiscal period are set forth in tables that follow these
notes.

(B) In the first quarter of fiscal 2013, the Company redeemed $230.1 million
principal amount of its 7.75% Senior Notes due November 1, 2013. As a result,
the Company recorded a pre-tax charge to earnings of $19.1 million.
__________________


This earnings release includes some non-GAAP financial measures relating to
charges associated with restructuring activities and the extinguishment of
debt. The following is a reconciliation between the non-GAAP financial
measures and the most directly comparable GAAP measure for certain
consolidated statements of earnings accounts before and after the charges
associated with restructuring activities and the extinguishment of debt. The
Company uses these non-GAAP financial measures, among other things, to
evaluate its operating performance and the measures represent the manner in
which the Company conducts and views its business. Management believes that
excluding these items that are special in nature or that are not comparable
from period to period helps investors and others compare operating performance
between two periods. While the Company considers the non-GAAP measures useful
in analyzing its results, it is not intended to replace, or act as a
substitute for, any presentation included in the consolidated financial
statements prepared in conformity with GAAP.

The Company operates on a global basis, with the majority of its net sales
generated outside the United States. Accordingly, fluctuations in foreign
currency exchange rates can affect the Company’s results of operations.
Therefore, the Company presents certain net sales information excluding the
effect of foreign currency rate fluctuations to provide a framework for
assessing the performance of its underlying business outside the United
States. Constant currency information compares results between periods as if
exchange rates had remained constant period-over-period. The Company
calculates constant currency information by translating current-period results
using prior-year period weighted average foreign currency exchange rates.

                                                                                                                    
                                                                                                                    
THE ESTÉE LAUDER COMPANIES INC.

Reconciliation of Certain Consolidated Statements of Earnings Accounts Before and After Returns and Charges

(Unaudited; In millions, except per share data and percentages)
                                                                                               
                     Three Months Ended                     Three Months Ended

                     September 30, 2013                     September 30, 2012
                                                                                                    % Change
                                              Before                                  Before
                                   Returns/                               Returns/                  versus Prior
                     As Reported            Returns/      As Reported             Returns/
                                   Charges                                Charges                   Year Before
                                              Charges                                 Charges
                                                                                                    Returns/Charges
Net Sales            $ 2,675.0     $ 0.0      $ 2,675.0     $ 2,549.5     $ 0.0       $ 2,549.5     5       %
Cost of sales         544.1       0.0      544.1       539.2       0.0       539.2   
                                                                                                                    
Gross Profit           2,130.9       0.0        2,130.9       2,010.3       0.0         2,010.3     6       %
Gross Margin           79.7    %                79.7    %     78.9    %                 78.9    %
                                                                                                                    
Operating             1,681.4     (1.2 )    1,680.2     1,528.3     (0.4  )    1,527.9    10      %
expenses
                                                                                                                    
Operating              62.9    %                62.8    %     60.0    %                 60.0    %
Expense Margin
                                                                                                                    
Operating Income       449.5         1.2        450.7         482.0         0.4         482.4       (7      )%
Operating Income       16.8    %                16.9    %     18.9    %                 18.9    %
Margin
                                                                                                                    
Interest expense
on debt                —             —          —             19.1          (19.1 )     —           —

extinguishment
                                                                                                                    
Provision for          134.2         0.3        134.5         149.3         6.9         156.2
income taxes
Net Earnings
Attributable to
                       300.7         0.9        301.6         299.5         12.6        312.1       (3      )%
The Estée
Lauder Companies
Inc.
                                                                                                                    
Diluted net
earnings
attributable

to The Estée         .76           .00        .76           .76           .03         .79         (3      )%
Lauder Companies

Inc. per
common share

                                                                             
                                                                             
THE ESTÉE LAUDER COMPANIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; In millions)
                                                          
                               September 30     June 30         September 30

                               2013             2013            2012
ASSETS
Current Assets
Cash and cash equivalents      $   1,322.2      $   1,495.7   $   1,053.7
Accounts receivable, net           1,566.7            1,171.7       1,604.7
Inventory and promotional          1,196.3            1,113.9       1,067.9
merchandise, net
Prepaid expenses and other        547.2           515.9        486.8
current assets
Total Current Assets              4,632.4         4,297.2      4,213.1
                                                                             
Property, Plant and                1,364.4            1,350.7       1,268.9
Equipment, net
Other Assets                      1,523.7         1,497.3      1,525.6
Total Assets                   $   7,520.5      $   7,145.2   $   7,007.6
                                                                             
LIABILITIES AND EQUITY
Current Liabilities
Current debt                   $   15.9         $     18.3      $   24.0
Accounts payable                   461.9              481.7         421.7
Other current liabilities         1,509.8         1,434.6      1,526.7
Total Current Liabilities         1,987.6         1,934.6      1,972.4
                                                                             
Noncurrent Liabilities
Long-term debt                     1,324.7            1,326.0       1,330.7
Other noncurrent                  595.7           582.7        664.0
liabilities
Total Noncurrent                   1,920.4            1,908.7       1,994.7
Liabilities
                                                                             
Total Equity                      3,612.5         3,301.9      3,040.5
Total Liabilities and          $   7,520.5      $   7,145.2   $   7,007.6
Equity


                                                                             
SELECT CASH FLOW DATA

(Unaudited; In millions)
                                                
                                                   Three Months Ended
                                                   September 30
                                                   2013         2012
Cash Flows from Operating Activities
Net earnings                                       $ 301.8        $ 299.6
Depreciation and amortization                        88.9           77.5
Deferred income taxes                                (23.4  )       (18.8  )
Other items                                          59.4           58.3
Changes in operating assets and liabilities:
Increase in accounts receivable, net                 (375.1 )       (518.1 )
Increase in inventory and promotional                (58.1  )       (59.2  )
merchandise, net
Increase in other assets, net                        (37.6  )       (26.9  )
Increase in accounts payable and other              74.0         62.4   
liabilities
Net cash flows provided by (used for)              $ 29.9        $ (125.2 )
operating activities
                                                                             
Capital expenditures                               $ 85.7         $ 95.5
Payments to acquire treasury stock                   59.5           165.4
Dividends paid                                       69.8           0.5
                                                                             

Contact:

The Estée Lauder Companies Inc.
Investor Relations:
Dennis D’Andrea, 212-572-4384
or
Media Relations:
Alexandra Trower, 212-572-4430
 
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