L'Oréal stable in Q1 and anticipating gradual improvement this year
L'Oréal has said its sales were stable in first quarter 2009 and is forecasting a gradual improvement in business performance through the rest of the year. Sales in the first three months rose 0.3% to €4.37bn, a level slightly above analyst expectations. Thierry Prevost, the group's finance director, said he thought the quarterly performance had been good given the economic crisis.
L'Oréal has said its sales were stable in first quarter 2009 and is forecasting a gradual improvement in business performance through the rest of the year. Sales in the first three months rose 0.3% to €4.37bn, a level slightly above analyst expectations. Thierry Prevost, the group's finance director, said he thought the quarterly performance had been good given the economic crisis.
Mass market products improved their sales by 1.6% to €2.1bn with good results from North America and western Europe. Business activity weakened in other areas with professional product sales down 3.2% and sales of the Vichy and La Roche Posay cosmetics fell 3.9%. Luxury product sales dipped 0.4% to €926m with a sharp fall-off in consumption in Dubai and the Russian market.