PARIS--For the first time, L'Oreal has consolidated Cosmair Inc. USA, Cosmair Canada and two other agents it recently acquired into its accounts. The French company announced Thursday that sales through the third quarter, including the new acquisitions, were up 14.4 percent to $6.76 billion (34.46 billion francs) over the same period last year. Under the former system of accounting, the increase would have been 7.6 percent, according to L'Oreal. L'Oreal chairman and chief executive officer Lindsay Owen-Jones said the outlook is encouraging because sales had picked up each quarter this year. L'Oreal did not announce profits for the nine months, but said that pretax profits before employee profit-sharing and capital gains and losses stood at $512 million (2.61 billion francs), up 6.5 percent. That figure was based on the old system. For the yearend, L'Oreal said sales under the new system of consolidation would total just over $9.2 billion (47 billion francs), based on exchange rates on Sept. 30. That would put sales up between 17 and 18 percent over 1993. The company also projected an increase in pretax profits on ordinary activities of 20 percent for 1994. L'Oreal is consolidating the Cosmairs as well as its Swiss agent, Lorsa/Fagel, and its Spanish agent, Procasa, as of July 1, 1994.
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