Luxury Cosmetics Drive Sales At L'Oreal In First Quarter
France's L'Oréal, maker of Maybelline and Lancome beauty products, has reported better-than-expected like-for-like sales growth for the first quarter, driven by its thriving luxury unit and demand in Asia.
The world's biggest cosmetics firm said sales between January and March reached €6.78 billion, a touch above the €6.75 billion forecast by analysts polled by Inquiry Financial for Reuters.
Like-for-like revenue growth, which strips out the effect of currency swings and acquisitions or disposals, was 6.8%, well above expectations of 5.6%.
On a reported basis, revenue was down 1% from a year earlier, L'Oréal said, as currency effects bit due to a strong euro.
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