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L'Oréal’s Sales Fall Short of Expectations

November 11, 2005

L’Oréal SA reported a year-on-year rise in consolidated nine-month sales but fell short of analysts’ expectations. The French cosmetics company reported sales of $10.69 billion for the first nine months of 2002, up 3.9% from the same year-earlier period. This represented an 8.6% increase based on a constant group structure and exchange rates, a growth rate identical to that recorded in the first six months of 2002.

However, the nine-month figure came in below analysts’ consensus expectation of about $10.6 billion. L’Oréal Chairman Lindsay Owen-Jones expressed confidence that strong like-for-like growth would continue to year-end.

Company executives said exchange-rate fluctuations had eroded 3.7% from the nine-month revenue figure, compared with the 2.5% erosion experienced in the first six months of 2002. Changes in the company’s group structure during the period produced a negative effect of 0.4%. Nine-month sales of cosmetics rose 4.8% to $10.3 billion, while sales of dermatology products increased by 11% to $230.3 million. Like-for-like sales growth for these main business sectors was 8.4% and 17%, respectively.

Nine-month sales of cosmetics rose 4.8% to 10.60 billion euros, while sales of dermatology products increased by 11% to 224 million euros. Like-for-like

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