04.22.10
Could luxury be back already? Pundits insist that the new consumer eschews lux, but L'Oréal attributed its big gain in the first quarter to consumers' renewed interest in luxury. L’Oréal posted first-quarter sales of 4.72 billion euros, or $6.54 billion, up 8 percent versus the same prior-year period. On a like-for-like basis, revenues increased 7.4 percent.
Dollar figures are converted at average exchange for the three months ended March 31.
“The first quarter was very encouraging, as it marks a clear return to growth, even though the figures must be seen in the context of a weak comparison base and continuing uncertainties in some markets,” stated Jean-Paul Agon, the French beauty giant’s chief executive officer. “The consumer products division is pursuing its strong growth, and there has been a clear rebound in the luxury products and professional products divisions.
“The powerful dynamism is continuing in the new markets, where L’Oréal has again significantly strengthened its positions; in North America, the group is growing in all divisions, while there remains a more contrasting situation in Western Europe,” he continued. “The first months of the year give us confidence for the full year 2010.”
Dollar figures are converted at average exchange for the three months ended March 31.
“The first quarter was very encouraging, as it marks a clear return to growth, even though the figures must be seen in the context of a weak comparison base and continuing uncertainties in some markets,” stated Jean-Paul Agon, the French beauty giant’s chief executive officer. “The consumer products division is pursuing its strong growth, and there has been a clear rebound in the luxury products and professional products divisions.
“The powerful dynamism is continuing in the new markets, where L’Oréal has again significantly strengthened its positions; in North America, the group is growing in all divisions, while there remains a more contrasting situation in Western Europe,” he continued. “The first months of the year give us confidence for the full year 2010.”