L'Oreal Sales Grew in 3Q, Overcoming Sluggish China Recovery
October 19 2023 - 12:55PM
Dow Jones News
By Ed Frankl
L'Oreal said Thursday that sales in the third quarter climbed on
year, as its growing cosmetics and consumer-products businesses
shrugged off slower-than-expected recovery in China.
The French beauty company posted sales of 10.00 billion euros
($10.54 billion) in the three months to Sept. 30, up from EUR9.58
billion in the same period of 2022.
On a like-for-like basis, sales growth was 11.1%, the company
said.
Sales grew in all divisions, on a comparable basis, with
dermatological beauty outperforming with on-year growth of 28%,
while sales at consumer products, which includes brands Maybelline
and Garnier, jumped 13%.
By region, comparable sales grew by double digits in Europe,
North America, Latin America and its grouping of Africa, the Middle
East and southern Asia, but declined in north Asia as the recovery
of the beauty market in mainland China dragged.
"In a context of continued economic and geopolitical
uncertainty, we remain confident in our ability to keep
outperforming the market and achieve in 2023 another year of growth
in sales and profits," L'Oreal's Chief Executive Nicolas Hieronimus
said.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
October 19, 2023 12:40 ET (16:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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