L'Oreal Q3 Revenues Up 2.8%

(RTTNews) - Cosmetics and beauty products giant L'Oreal Co. (LRLCY.PK) reported that its sales for the third quarter rose 2.8% to 10.285 billion euros from the prior year. On a like-for-like basis, L'Oréal group sales growth for the quarter were 3.4%.

Professional products revenues gained 4.8% to 1.162 billion euros, while consumer products revenues inched down 0.6% to 3.748 billion euros. L'Oréal Luxe revenues rose 8% to 3.775 billion euros, while dermatological beauty revenues slipped 1.6% to 1.60 billion euros.

Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said: "We delivered solid growth of +6% in the first nine months, well-balanced between value and volume, despite multiple turbulences that have negatively impacted our third quarter."

"As anticipated, global beauty market growth has been normalizing throughout the year. In the developed markets, this has been driven by a gradual easing in pricing after two years of strong inflation; despite that, underlying market trends remain robust in Europe, and North America - as well as in emerging markets. The situation in the Chinese ecosystem has become even more challenging, but we believe in the future of this market and hope that the governmental stimulus will help improve consumer confidence."