PARIS, April 19 ― French cosmetics giant L'Oreal reported a year-on-year increase in first-quarter sales yesterday as activity in Europe and emerging markets offset “sluggish” conditions for beauty in China.
Sales in the first three months of the year climbed by 8.3 per cent to €11.24 billion (around RM57.2 billion), despite its North Asia market falling by almost four per cent to €2.7 billion.
The figures surpassed analyst expectations for the group, which includes brands Garnier, Maybelline, Prada and Yves Saint Laurent.
“2024 is off to a very good start... Continued double-digit growth in Europe, coupled with ongoing strength in emerging markets, more than offset the only gradual recovery in North Asia,” said L'Oreal chief executive Nicolas Hieronimus.
According to a company statement, “the beauty market remained sluggish” in mainland China, where sales only rose by 6.2 per cent, although Japan and Hong Kong posted double-digit growth.
Revenue in Europe jumped by more than 12 per cent, while sales in North America increased by 11.9 per cent notably thanks to a new IT system.
“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,” said Hieronimus. ― AFP
