Sales recovery in the US boosts L'Oréal’s first quarter
Company confirms marked growth
L'Oréal has confirmed marked growth in the first quarter of 2011 following a sharp recovery in sales in the US. First quarter sales rose 9.3% to €5.2bn, a rate above market expectations. The most pronounced growth was in the luxury products segment led by Kiehl's, Armani and Lancôme.
Demand in the US is estimated to have risen by about 7.2% though outpaced by the 11.6% growth reported in the newly-emerging markets of Latin America, especially Brazil, and Asia, apart from Japan where first quarter sales were down 5.9% compared with the same quarter of 2010.
The US recovery has partly offset the morose condition of sales in Europe. Sales turned down in Greece and Portugal but rose in the UK and France. L'Oréal has said that despite the uncertain monetary environment the results in the first few months of 2011 have increased confidence for a year of further growth.