PARIS — Currency fluctuations hit L’Oréal hard in the first quarter, as did dampened demand in North America.
The French beauty giant registered its weakest quarterly sales gain in five years but vowed that it would return to the growth track in the second quarter. L’Oréal’s revenues in the three months ended March 31 dropped 2.2 percent to 5.64 billion euros, or $7.73 billion at average exchange. On a constant-exchange-rate basis, the company’s sales advanced 2.8 percent, while in like-for-like terms they were up 3.5 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"