SAN FRANCISCO — Lancome officials are expecting strong results from their new cosmetics and skin care studio at Macy’s here, especially after seeing the new year’s first sales returns.

Neither the company nor store executives would divulge specific figures, but sources project that the studio, called L’Atelier Lancome, could ring up retail sales of as much as $1.5 million in 1994.

According to sources, sales of Lancome products at Macy’s Union Square flagship for the first two weeks of January were more than 20 percent ahead.

December sales of Lancome at the store totaled nearly $500,000, noted sources, who attributed one-third of that figure to business in L’Atelier.

“That’s significant,” said Lynne Greene, Lancome’s senior vice president of sales. “It is above our projections. At the same time, we’re continuing to experiment with programs that will help build customer loyalty.”

Tim Adams, Macy’s president of merchandising for cosmetics, said the projections are “aggressive” but achievable.

The 1,500-square-foot studio, which features three makeup vanities stocked with the company’s entire line, was launched Dec. 14, with spokeswoman Isabella Rossellini participating.

It is the third installation of its kind in the country. The first was opened in July 1992 at Macy’s Herald Square in New York. Last March, a second opened at the Bon Marche in Seattle’s South Center Mall.

Plans are moving ahead for installation of a L’Atelier at Bullocks in Costa Mesa’s South Coast Plaza this spring, Greene said. Pierre Rogers, Lancome president, hinted that he was also considering one for Macy’s at Valley Fair Shopping Center in San Jose, Calif.