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L’Oréal Sales Up 5.6% for First Half

PARIS — French beauty giant L’Oréal posted first-half 2002 sales of $7.29 billion, up 5.6 percent on a consolidated basis and 8.6 percent on a like-for-like basis.<br><br>All dollar figures have been converted from the euro at current...

PARIS — French beauty giant L’Oréal posted first-half 2002 sales of $7.29 billion, up 5.6 percent on a consolidated basis and 8.6 percent on a like-for-like basis.

All dollar figures have been converted from the euro at current exchange rates.

Currency fluctuations negatively impacted sales by 2.5 percent at the end of June, whereas until the end of March they positively impacted sales by 1.3 percent, L’Oréal said in a statement.

“The considerable fluctuations in exchange rates are expected to continue in the second half of the year,” said Lindsay Owen-Jones, chairman and chief executive officer of L’Oréal, in the statement. “Nevertheless, the combination of strong organic growth, the continued improvement in margins and the currency hedging policy should allow L’Oréal to remain on track in its initial results target.”

Structural changes, including the sale of Lanvin in 2001, had a negative impact of 0.5 percent by the end of June.

By division, consolidated cosmetics sales were up 6.1 percent; on a like-for-like basis, they rose 8.4 percent. Consolidated dermatology sales increased 12.9 percent; on a like-for-like basis, they rose 16.5 percent.