Profits Leap at L’Oréal
• L’Oréal said its first-half net profits rose 10.8% to $2.11 billion and confirmed it expects to outperform the market this year. Operating profits increased 11.4% to $2.46 billion. The company’s sales for the period rose 10.5% to $14.55 billion.
“With strong growth in sales and results, the first half of 2012 confirms the group’s good dynamics,” said Jean-Paul Agon, L’Oréal chairman and chief executive officer. “L’Oréal is continuing to strengthen its positions, and thus reinforcing its leadership of the worldwide cosmetics market.”
He continued, “The growth in results confirms the relevance of our business model: Although it is important to emphasize that half-year figures are not particularly representative, this performance reflects the group’s ability to build solid and profitable growth.
“Bolstered by these results and despite the uncertainties of the economic environment, we confirm for 2012 our ambition to outperform the market and achieve another year of growth in sales, results and profitability,” stated Agon.
L’Oréal also said its board has decided to buy back company shares for a maximum amount of €500 million, or $628.3 million at current exchange, by Dec. 31 after which date they will be canceled.
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