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L’Oréal, Kering and Essilor Luxottica have reported strong revenue growth in the third quarter of 2022.
Changes at L’Oréal
L’Oréal reported sales of 9.58 billion euros in the third quarter of 2022, up 9.1% on a like-for-like basis. Its sales rose by 19.7% year-on-year. They are higher than analysts’ forecasts, according to the consensus drawn up by Bloomberg and Factset, which were expecting 9.29 billion and 9.12 billion euros respectively.
For the first nine months, the group’s turnover, which owns the Lancôme, Yves-Saint-Laurent and La Roche-Posay brands, showed slightly stronger growth, up 20.5% to 27.94 billion euros compared to 2021. The group says it has gained market share with growth in all geographical areas and reports “remarkable performances in India, mainland China, Brazil and Germany”.
Business in Europe grew by 13.7% to €8.45 billion and was particularly strong “in Germany, Spain and the UK”. In North America, the increase was 25% to 7.47 billion euros and in North Asia 17.5% for a turnover of 8.03 billion.
“L’Oréal had a very solid quarter,” said Nicolas Hieronimus, the group’s chief executive, in a statement. “The performance of L’Oréal Luxe was temporarily impacted in the third quarter by several one-off factors,” he added.
In addition, the group has just handed over its luxury fragrance brands to Sandrine Groslier. This division of eight brands, including Maison Margiela, Viktor & Rolf and Cacharel, is a new international department within the L’Oréal Luxury division.
Before being appointed global president of L’Oréal’s luxury fragrances, Sandrine Groslier had been global president of Mugler and Azzaro since April 2020, two brands acquired by the group in March 2020. “The objective of this new entity is to enrich the group’s expertise in perfumery and to develop L’Oréal’s perfumery brands in the context of the global explosion of the perfumery category,” explained Sandrine Groslier in a LinkedIn post.
Gucci disappointing at Kering
For its part, Kering announced on Thursday an increase in sales in the third quarter above expectations. This growth was driven by the dynamism of its business in Europe, although Gucci sales were lower than expected.
In the July-September period, the luxury group recorded sales of €5.14 billion, up 14% on a like-for-like basis, compared with analysts’ estimates of +12%.
Gucci saw its sales increase by 9% on a like-for-like basis compared to the third quarter of 2021. This is less than the expectations of analysts, who were projecting growth of +11% on average. Gucci has come under market scrutiny in recent months as, after years of exceptional growth, its sales have been below those of some competitors.
Jean-Marc Duplaix, the group’s chief financial officer, said the brand’s performance in China was “mixed” and had “yet to normalise”.
Essilor Luxottica in very good shape
EssilorLuxottica reported on Friday an increase in its turnover for the third quarter ended September 30, due in particular to the rebound in sales in the Asia-Pacific region. The optics manufacturer reported quarterly sales of 6.39 billion euros, up 8.2% year-on-year at current exchange rates.
Asia-Pacific was the best performing region with quarterly sales of €761 million, up 22.7%. Sales also rose 3.4% to EUR3.01 billion in North America, EssilorLuxottica’s largest market. Growth was driven by the direct-to-consumer division, the group said.
The Franco-Italian group also reiterated its long-term outlook presented in March and confirmed at its Investor Day last month.
Read also > Hermès: third quarter sales up 32.5% to €3.14 billion
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L’Oréal, Kering and Essilor Luxottica have reported strong revenue growth in the third quarter of 2022.
Changes at L’Oréal
L’Oréal reported sales of 9.58 billion euros in the third quarter of 2022, up 9.1% on a like-for-like basis. Its sales rose by 19.7% year-on-year. They are higher than analysts’ forecasts, according to the consensus drawn up by Bloomberg and Factset, which were expecting 9.29 billion and 9.12 billion euros respectively.
For the first nine months, the group’s turnover, which owns the Lancôme, Yves-Saint-Laurent and La Roche-Posay brands, showed slightly stronger growth, up 20.5% to 27.94 billion euros compared to 2021. The group says it has gained market share with growth in all geographical areas and reports “remarkable performances in India, mainland China, Brazil and Germany”.
Business in Europe grew by 13.7% to €8.45 billion and was particularly strong “in Germany, Spain and the UK”. In North America, the increase was 25% to 7.47 billion euros and in North Asia 17.5% for a turnover of 8.03 billion.
“L’Oréal had a very solid quarter,” said Nicolas Hieronimus, the group’s chief executive, in a statement. “The performance of L’Oréal Luxe was temporarily impacted in the third quarter by several one-off factors,” he added.
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L’Oréal, Kering and Essilor Luxottica have reported strong revenue growth in the third quarter of 2022.
Changes at L’Oréal
L’Oréal reported sales of 9.58 billion euros in the third quarter of 2022, up 9.1% on a like-for-like basis. Its sales rose by 19.7% year-on-year. They are higher than analysts’ forecasts, according to the consensus drawn up by Bloomberg and Factset, which were expecting 9.29 billion and 9.12 billion euros respectively.
For the first nine months, the group’s turnover, which owns the Lancôme, Yves-Saint-Laurent and La Roche-Posay brands, showed slightly stronger growth, up 20.5% to 27.94 billion euros compared to 2021. The group says it has gained market share with growth in all geographical areas and reports “remarkable performances in India, mainland China, Brazil and Germany”.
Business in Europe grew by 13.7% to €8.45 billion and was particularly strong “in Germany, Spain and the UK”. In North America, the increase was 25% to 7.47 billion euros and in North Asia 17.5% for a turnover of 8.03 billion.
“L’Oréal had a very solid quarter,” said Nicolas Hieronimus, the group’s chief executive, in a statement. “The performance of L’Oréal Luxe was temporarily impacted in the third quarter by several one-off factors,” he added.
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