Star status: L’Oreal is promoted by model Kendall Jenner
L’Oréal has posted better-than-expected sales as demand for makeup in the West offsets a weaker performance in Asia.
The French cosmetics giant, owner of the Maybelline and Lancome brands, posted sales of £9.6bn in the three months to the end of March.
That was 9 percent more than the same period in 2023, exceeding market expectations.
Shares rose nearly 5 percent yesterday after results were released Thursday night.
The world’s biggest beauty company, promoted by model Kendall Jenner, said the numbers were driven by strong demand in North America and Europe, where sales rose more than 12 percent. But in Asia they fell 1 percent.
“We are not happy with the fact that this market is not recovering as we expected,” said CEO Nicolas Hieronimus.
Analysts at Barclays said L’Oréal had delivered “a rock-solid quarter, despite concerns.”