L’Oreal first-quarter sales up 13.5%

2022.04.19 19:45

FILE PHOTO: A woman walks by the logo of French cosmetics group L’Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo Fuentes/File Photo

PARIS (Reuters) – Cosmetics group L’Oreal reported better than expected first-quarter sales growth on Tuesday, citing strong U.S. and European demand as consumers brushed off concerns about inflation and snapped up high-end beauty products.

Sales for the first three months of 2022 rose 13.5% on a like-for-like basis to 9.06 billion euros ($9.8 billion), with double-digit growth from Europe and North America.

Analysts had expected 10.6% sales growth, according to a consensus estimate cited by Credit Suisse (SIX:CSGN).

($1 = 0.9270 euros)

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