(Reuters) – L’Oréal posted organic sales growth of 13% in the first quarter, thanks to the acceleration of activity in the United States and Europe and despite a recovery that did not still materialized in China despite the reopening of the country.
The cosmetics group’s turnover for the first three months of 2023 stands at 10.38 billion euros.
Analysts had expected organic growth of 8.1% over the period, according to an estimate cited by Barclays.
Sales in Europe and North America rose 16% and 16.6% respectively, with the company highlighting strong performance from its consumer products, as well as its dermatological beauty division.
In mainland China, where the company said luxury goods sales were flat due to low inventories, consumer demand and store footfall picked up from February.
Earlier this month, L’Oréal agreed to buy Australian luxury brand Aesop for an enterprise value of $2.53 billion (2.31 billion euros), with a view to international expansion, including in China.
(Mimosa Spencer report, Augustin Turpin, edited by Blandine Hénault and Matthieu Protard)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.