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.
Featured photo : © L’Oréal/ Mazarine