L’OREAL REPORTS SALES GAIN OF 10 PERCENT
Byline: Brid Costello
PARIS — French beauty giant L’Oreal remains bullish on its future growth.
“In the short term, September sales were affected by the recent tragic events, particularly in the United States,” the company said in a statement. “However, unless further unforeseeable events occur, the group remains confident that the impact on its annual results, as estimated on Sept. 4, should only be marginal.”
As reported, in September, the firm’s chairman and chief executive officer Lindsay Owen-Jones forecasted “a very good year for L’Oreal.”
L’Oreal registered consolidated sales of $9.37 billion for the first nine months of 2001, up 10.2 percent over the same period last year. All figures have been converted from the euro at current exchange rates.
Exchange rate fluctuations had a positive impact of 1.8 percent for the first half of the year and 0.5 percent for the first nine months. Growth rate, excluding exchange rate fluctuations, was 9.7 percent.
L’Oreal said that, in structural terms, it benefited from a positive effect of 2.4 percent due to the consolidation of Matrix, Kiehl’s, Carson and Biomedic.
On a like-for-like basis, the group’s consolidated sales grew 7.3 percent.
By division, consolidated cosmetics volume in the period totaled $9.1 billion, up 10.6 percent, or 10.1 percent at constant exchange, over last year. Dermatology posted consolidated sales of $181.97 million, up 6.7 percent, or 5.1 percent at current exchange rates.