L'Oréal quarter better than expected
2011 confidence despite economic uncertainty
L'Oréal increased third quarter 2011 sales by 4.8% over the previous quarter to €4.6bn, despite analysts' expectations of a worsening trend. Jean-Paul Agon has described the quarterly results as "solid" and says it confirms the favourable dynamics of the cosmetics group in a markedly variable market.
Asian region sales moved up 13.6% helped by an improved performance in China, India and southeast Asia. European sales are described as stable with complications in Greece and Portugal, while US sales rose 4.6%, outpacing growth in the market.
L'Oréal's luxury products arm boosted sales by 8.6% helped by Armani and Diesel though growth was slightly slacker than in the previous quarter.
Mass market sales were down some 3.4%, partly because this segment of the market has shown great reaction to the poor economic conditions.
The group says it is now on target to perform better than the market in 2011 despite the economic uncertainty.