French cosmetics giant L'Oreal SA (LRLCY.PK), Tuesday reported a 4 percent growth in second quarter sales, driven mainly by strong performance at North America and new markets including Asia-Pacific and Latin America. Sales for the first-half of 2013 grew about 5 percent.
L'Oreal reported second-quarter sales of 5.81 billion euros, up 4.2 percent from 5.57 billion euros last year. On a like-for-like basis, sales were up 5.2 percent.
At Cosmetic segment, sales for the second quarter climbed 4.5 percent from last year, driven mainly by growth across consumer products, L'Oreal Luxe, and professional products and active cosmetics businesses.
Body Shop segment sales dropped 3.4 percent and dermatology was up 4.2 percent.
Geographically, sales in North America rose 4.9 percent to 1.37 billion euros from last year. New markets grew 7.3 percent, reflecting growth at Asia-Pacific, Latin America, Africa, Middle East, and Eastern Europe. Sales from Western Europe, the biggest contributor to total revenues, grew 1.3 percent to 1.91 billion euros.
Commenting on the results, Chief Executive Jean-Paul Agon said, "Although market growth has been slightly slowing down, L'Oréal continued to demonstrate its good dynamics and recorded a solid first half. Each division and zone is growing and outperforming its market."
Sales for the first half of 2013, grew 4.7 percent to 11.74 billion euros from 11.21 billion euros last year. On a like-for-like basis, sales were up 5.4 percent.
LRLCY.PK is currently trading at $33.82, down $0.36 or 1.06%.
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by RTT Staff Writer
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