PARIS — L’Oréal’s first-quarter 2024 sales rose 8.3 percent in reported terms, driven by its Consumer Products and Dermatological Beauty Divisions, as well as business in Europe and emerging markets.
Sales at the maker of Lancôme, Kiehl’s, Yves Saint Laurent and Garnier products reached 11.24 billion euros in the three months ended March 31. On a like-for-like basis, group sales were up 9.4 percent in the period.
“Continued double-digit growth in Europe, coupled with ongoing strength in emerging markets more than offset the only gradual recovery in North Asia,” said Nicolas Hieronimus, chief executive officer of L’Oréal, in a statement released Thursday after the close of the Paris stock market, and in advance of a call with financial analysts and journalists later in the evening.
L’Oréal’s sales in North Asia were down 1.1 percent on a comparable basis in the period.
“The outstanding performances of dermatology and mass compensated the short-term challenges in luxury,” he continued, referring to the divisions that posted 19.6 percent, 9.2 percent and 2.2 percent reported growth, respectively.
Hieronimus highlighted the 8.1 percent like-for-like sales growth registered in North America, which “significantly” outperformed the beauty market that remained dynamic.
In Latin America, sales gained 16.2 percent, and in South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa (or SAPMENA-SSA) zone, sales increased 16.4 percent on a comparable basis.
“In an environment that continues to be marked by economic and geopolitical tensions, we are optimistic about the outlook for the beauty market, and confident in our ability to keep outperforming it and to achieve another year of growth in sales and profit,” said Hieronimus.
Source: WWD