NEW YORK — Estée Lauder Cos. may be coming off a challenging 2002, but the company believes it was a transition year that was all about investing for future growth.
Earnings for the year ended June 30, attributed to common stock, declined 40.2 percent to $168.5 million, or 70 cents a diluted share, as reported. Before restructuring charges and an accounting change, the bottom line dipped a milder 16.8 percent to $289.4 million, or $1.10.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"