L’OREAL SALES GROW 14.6% IN 9 MONTHS
PARIS — L’Oreal Group reported a 14.6 percent sales gain to $8.7 billion (51.16 billion francs) in the first nine months of 1997 and predicted an earnings increase for the full year.
Adjusted for currency rates and changes in the operation during the nine months, the company said the sales gain would be 8.5 percent. Changes in the operation relate to the consolidation of Maybelline, Giulliani SA and Henning Berling GmbH over the full nine-month period.
The cosmetics giant said that in the full year, assuming no substantial deterioration in the exchange rate between the French franc and other leading currencies and before special items, the company expects to show sales and earnings gains least equivalent to the first-half gains.
In the first half, operating profits were up 15.9 percent to $655.6 million (3.868 billion francs), and sales were ahead 13 percent.
Finally, the firm said that assuming no material changes in the exchange rate and before capital gains and losses, the increase in net profit for the year should be higher than in l996 “despite the significant rise in corporate income tax.”
In l996, the company reported earnings up 10.3 percent to 3.7 billion francs on a sales gain of 13.1 percent to 60.3 billion francs.