L'Oréal posted 8.1% sales growth in the fourth quarter, a touch slower than in the previous three months, with firm demand in the United States and Europe helping to offset the dent from coronavirus disruptions in China.
The cosmetics company, which sells Maybelline beauty products and CeraVe skincare, recorded sales for the last three month of 2022 of €10.3 billion, in line with analyst expectations, according to Refinitiv data.
The 8.1% growth rate for the three months to end-December compared with a 9.1% increase in sales in the third quarter.
“We achieved a remarkable performance this year, thanks to our innovation leadership, our highly desirable brands, our operational agility and the tremendous commitment of our teams," commented Nicolas Hieronimus, CEO of L'Oréal. "Comparable growth vs. 2019 accelerated quarter after quarter and reached +23% over the full year."
The group's Professional Products division reported 10.1% like-for-like growth (+18.3% reported), while Consumer Products was up 8.3% on a like-for-like basis (+14.6% reported), which was the division's best performance for 20 years, the company said.
Elsewhere, L’Oréal Luxe recorded 10.2% like-for-like growth (+18.6% reported), and Active Cosmetics was up 21.9% like-for-like (+30.6% reported).
According to the French firm's CEO, the group's "balanced growth" across its various divisions and regions "once again demonstrates the relevance of our multipolar model: strategically centralised and operationally decentralised with a strong entrepreneurial mindset, this model is ideally suited to the current environment."
Elsewhere, L’Oréal announced that it is the only company in the world to have received a ‘AAA’ score from the CDP seven years in a row, recognising leadership in corporate transparency and environmental performance.