Star status: L’Oreal is promoted by model Kendall Jenner
L’Oreal has posted better than expected sales as demand for make-up in the West offsets a weaker performance in Asia.
The French cosmetics giant, which owns the Maybelline and Lancome brands, reported sales of £9.6billion for the three months to the end of March.
That was 9 per cent up on the same period of 2023 – surpassing market expectations.
Shares rose nearly 5 per cent yesterday after results were published on Thursday evening.
The world’s biggest beauty company, promoted by model Kendall Jenner, said figures were driven by strong demand in North America and Europe, which both saw sales climb more than 12 per cent. But in Asia they fell 1 per cent.
‘We are unhappy about the fact that this market is not rebounding the way we expected,’ chief executive Nicolas Hieronimus said.
Analysts at Barclays said L’Oreal had delivered ‘a rock solid quarter, despite concerns’.
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