L'Oreal 1Q Sales Rose
L'Oreal SA said Thursday that sales rose in the first quarter of the year, with three divisions reporting double-digit growth despite the impact of the coronavirus. The French cosmetics and consumer-products company said quarterly sales came in at 7.61 billion euros ($9.11 billion), up from EUR7.23 billion in the previous year. On a like-for-like basis, sales increased 10.2%. L'Oreal's professional-products division reported a 21% organic sales rise, supported by new trends such as the digitalization of salons, independent stylists and the e-commerce boom. The active cosmetics business jumped 28.7% on a like-for-like basis, gaining market share across geographies, while the luxe division reported a sales increase of 14.6% like-for-like. L'Oreal said first-quarter results outperformed the market and it is confident it will be able to achieve growth in both sales and profits in the year.