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L'Oreal Q1 Sales Up 5.4%

Cosmetics and beauty products giant L'Oreal Co. (LRLCY.PK) reported that its sales for the first-quarter rose 5.4% to 7.61 billion euros from last year.

Like-for-like, based on a comparable scope of consolidation and constant exchange rates, L'Oréal group sales growth for the quarter were 10.2%. Sales growth at constant exchange rates was 11.5%. E-commerce sales growth was 47.2%.

Sales at Western Europe zone was down 2.4% like-for-like basis and down 0.1% on reported basis. Sales were again impacted by the closure of perfumeries, department stores and hair salons in several countries and the restrictions aiming to limit social interaction.

Sales at Eastern Europe zone was up 10.7% on Like-for-like basis and down 2.2% on reported basis, in spite of the pandemic, which continues to mostly affect Central European countries.

Sales at North America zone was up 6.3% on like-for-like basis and down 1.8% reported basis. The quarter started under pandemic restrictions, followed by record snowstorms disrupting the supply chain. In March, business was boosted by economic stimulus checks and the start of the vaccination program, giving consumers the confidence to return to brick-and-mortar stores.

Sales at Asia Pacific zone was up 23.8% on like-for-like basis and 19.1% on reported basis.

L'Oréal China achieved very strong growth at 37.9% like-for-like sales, with all Divisions gaining market share.

Sales at Africa, Middle East zone was up 12.7% on like-for-like basis and down 1.5% on reported basis.

The company said it is confident in its ability to outperform the market and achieve a year of growth in both sales and profits.

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