PARIS — In the wake of “robust” third-quarter sales, L’Oréal reiterated it is on track to meet its full-year objectives — namely, earnings-per-share growth of more than 10 percent and a sales gain of 5 to 6 percent.
The French beauty giant announced Monday that its revenues for the third quarter ended Sept. 30 rose 7.1 percent to 3.6 billion euros, or $4.3 billion at average exchange rates, year-on-year.
Currency fluctuations in the quarter impacted L’Oréal’s sales positively by 1.7 percent.
For the first nine months of this year, the company’s revenues rose 4.7 percent to 10.75 billion euros, or $13.75 billion. Largely due to L’Oréal’s acquisition of Skinceuticals, the net impact of changes in consolidation amounted to plus 0.3 percent.
“As we expected, our rate of sales growth has continued to improve,” stated Lindsay Owen-Jones, L’Oréal’s chairman and chief executive officer. “Western Europe is gradually moving forward again. Strong growth continues in North America and the other regions of the world. The strengthening of the main currencies against the euro has led to a clearly positive exchange rate impact in the third quarter, for the first time in several years. In view of all these factors, we can confirm our sales and earnings targets for the full year 2005.”
Meanwhile, L’Oréal-owned Lancôme International has appointed Eric Stievenard international merchandising and purchasing director, succeeding Alexandra Kurssenbrock, who left the firm.
Stievenard joins Lancôme from Coty Inc.’s Lancaster Group Worldwide, where he was vice president of international merchandising. Before that, Stievenard was the international merchandising director at Parfums Christian Dior, where he worked for 10 years. His career began at the Estée Lauder Cos. in 1988. — With contributions from Ellen Groves
St. Tropez Denies Sale Report
LONDON — A spokeswoman for St. Tropez in the U.S. said there was “no truth” to a press report here that the Santa Clarita, California-based self-tanning brand is up for sale for more than 60 million pounds, or $106 million at current exchange.
The LDC private equity division of Lloyds TSB and Phoenix Equity Partners are said to be bidding for St. Tropez. A spokesman for LDC said he could neither confirm nor deny the information, while a spokeswoman for Phoenix declined comment.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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?"