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Despite the sluggish performance of its Luxury Division and a decline in sales in North Asia,<\/strong><\/b> French group L’Or\u00e9al has posted a first-quarter 2024 result that exceeded expectations<\/strong><\/b>.<\/p>\n <\/p>\n The world’s leading beauty company reported sales up 9.4% on a comparable basis (+8.3% on a reported basis)<\/strong><\/b> 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<\/strong><\/b>, who were expecting sales of 10.88 and 10.98 billion euros respectively.<\/p>\n <\/p>\n “2024 is off to a great start.<\/strong><\/b> 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<\/strong><\/b> enthused in a press release. L’Or\u00e9al’s<\/strong><\/b> 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<\/strong><\/b>“, while “exceptional performances in the dermo-cosmetics and consumer segments<\/strong><\/b> offset<\/strong><\/b> short-term challenges in luxury<\/strong><\/b>.”<\/p>\n <\/p>\n <\/p>\n Geographically, L’Or\u00e9al’s Achilles heel was North Asia, with sales down 1.1% on a like-for-like basis<\/strong><\/b> (-3.9% on a reported basis) to 2.7 billion euros in the first quarter.<\/p>\n <\/p>\nDecline in North Asia<\/h2>\n
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