L’Oréal, the Clichy, France-headquartered global cosmetics and dermatology group, on Thursday reported consolidated sales of € 3.7 billion ($3.25bn; £2.27bn) for the quarter to March 31, year-on-year sales growth of 9.3%.
The group’s overall performance led analysts’ expectations by 1%-2%. Of the revenue increase, 1.3% was attributable to exchange rate fluctuations resulting in net organic growth of 8%. L'Oréal will report net earnings later this month, but chairman/ceo Lindsay Owen-Jones predicted double-digit earnings growth for the eighteenth year running.
The group's two main operating areas, cosmetics and dermatology, respectively achieved net growth (excluding currency fluctuations) of 8.3% and 24.5%.
Owen-Jones also told shareholders that the results demonstrated the resilience of cosmetics and personal care sales even during an economic downturn, observing that “markets are continuing to grow even in the most developed countries”.
Data sourced from: L’Oréal website and AdAge.com; additional content by WARC staff