Oriflame predicts 9% sales growth for 2010

Published: 26-Oct-2010
Finance

Swedish cosmetics company counts cost of Iranian impairment


Third quarter sales growth of 21% to €336.6m has pushed total sales by the Swedish Oriflame group to €1.07bn in the first nine months of 2010, a rise of 15% in Euro currency terms. Local currency sales in the reporting quarter and the nine-month period went up by 10% and 7% respectively.

Net profits in the nine-month period, before taking into account the costs of restructuring and impairment costs in Iran, rose from €60.2m to €73.8m.

Operations in Iran were shut down in August this year. Oriflame has said it is "fully focused" on resolving this situation and an impairment of all balance sheet positions of €11.4m has been carried out.

Meanwhile, sales growth for 2010 as a whole is expected to be about 9% in local currency terms with operating margins at current exchange rates of about 11%.

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