L’Oreal, the world’s largest cosmetics company, reported better-than-expected quarterly sales on Wednesday, boosted by strong demand for new hair products and mascaras.
Quarterly Sales
Sales for the three months to end-June came to €11.6 billion ($13.21 billion), up 6.3% on a like-for-like basis after adjustment for the phasing in of its new IT system.
The company typically outpaces the global beauty market, with a portfolio ranging from mass-market L’Oreal Paris brand makeup and creams to high-end designer perfume and shampoos used in hair salons.
CEO Nicolas Hieronimus in April referred to the ‘lipstick effect’, or buying cosmetics to feel better in stressful times.
This helped L’Oreal’s sales in Europe, its largest region, where the cost-of-living crisis is biting, to rise 6.7% on an adjusted like-for-like basis, while sales in North America, its second-largest region, rose 5.9%.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
