Global cosmetics giant L’Oréal has kicked off the first quarter with high-single-digit growth in sales as it “continued outperformance in a global beauty market that remained dynamic”.
L’Oréal reported a 9.4% increase in like-for-like sales to €11.24bn as it grew both in value and volume in the three months ending April 2024.
The global cosmetics giant said it delivered growth across all divisions but had a “stellar performance” from the consumer products and dermatological beauty divisions as the mass-market beauty category outgrew the softer luxury segment.
The company said it saw “particularly remarkable growth in Europe and emerging markets”. It remained “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”.
Chief executive Nicolas Hieronimus said: “2024 is off to a very good start with like-for-like growth of 9.4%, perfectly illustrating the power of our unique model. We are a pure player in beauty, a category that has once again proven its relentless growth capacity. Our multipolar approach to beauty – from luxury to mass, professional to dermatological, in all channels, all price points, and all geographies − allows us to seize all growth opportunities and offset temporary points of softness.
“And the first quarter was perfect proof. Continued double-digit growth in Europe, coupled with ongoing strength in emerging markets more than offset the only gradual recovery in North Asia.
“The outstanding performances of dermatology and mass compensated the short-term challenges in luxury. All in all, adjusted for the favourable phasing in North America, our like-for-like growth was a strong 8.1%, not only maintaining our rhythm, but once again significantly outperforming the dynamic beauty market.
“This remarkable performance also reflected the strength of our innovation, the power of our brands, as well as the engagement of our teams around the world.
“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.”
No comments yet