The world’s number one in Beauty has just unveiled a better-than-expected first quarter for 2024. It offset the decline in sales in North Asia and the poor performance of its Luxury Goods division with good results in its other markets and divisions.
Despite the sluggish performance of its Luxury Division and a decline in sales in North Asia, French group L’Oréal has posted a first-quarter 2024 result that exceeded expectations.
The world’s leading beauty company reported sales up 9.4% on a comparable basis (+8.3% on a reported basis) to 11.24 billion euros for the first three months of the year. This is better than the projections of experts surveyed by Bloomberg and Factset, who were expecting sales of 10.88 and 10.98 billion euros respectively.
“2024 is off to a great start. Our multi-polar approach to beauty – from luxury to consumer, from professional to dermatology, in all circuits, all price levels and all geographies – enables us to seize all growth opportunities and compensate for temporary points of weakness,” Nicolas Hieronimus enthused in a press release. L’Oréal’s CEO also points out that, in the first quarter, “continued double-digit growth in Europe and the strength of emerging markets more than offset the only gradual recovery in North Asia“, while “exceptional performances in the dermo-cosmetics and consumer segments offset short-term challenges in luxury.”
Decline in North Asia
Geographically, L’Oréal’s Achilles heel was North Asia, with sales down 1.1% on a like-for-like basis (-3.9% on a reported basis) to 2.7 billion euros in the first quarter.
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Read also > L’ORÉAL: STILL DAZZLING ANNUAL RESULTS HELD BACK BY THE CHINESE MARKET
Featured Photo: © Lancôme/L’Oréal
