L'Oreal Q1 2024 sales totaled 11.24 billion euros, representing a 9.4% like-for-like and 8.3% reported increase year-over year.
Key drivers included growth in volume and value, Europe and emerging markets, and strong results across divisions.
Consumer products experienced an 11.1% like-for-like increase in sales, totaling 4,172.8 million euros, while professional product sales jumped 10.7% like-for-like to 1,243.3 million.
Dermatological beauty sales spiked nearly 22% like-for-like to 2,015.9 million euros, while luxe results grew more modestly at 1.8% like-for-like to 3,813.0 million euros.
Of the results, CEO Nicolas Hieronimus said:
2024 is off to a very good start with like-for-like growth of +9.4%, perfectly illustrating the power of our unique model. We are a pure player in beauty, a category that has once again proven its relentless growth capacity. Our multipolar approach to beauty - from luxury to mass, professional to dermatological, in all channels, all price points, and all geographies - allows us to seize all growth opportunities and offset temporary points of softness.
And the first quarter was perfect proof. Continued double-digit growth in Europe, coupled with ongoing strength in emerging markets more than offset the only gradual recovery in North Asia. The outstanding performances of dermatology and mass compensated the short-term challenges in luxury. All in all, adjusted for the favorable phasing in North America, our like-for-like growth was a strong +8.1%, not only maintaining our rhythm, but once again significantly outperforming the dynamic beauty market.
This remarkable performance also reflected the strength of our innovation, the power of our brands, as well as the engagement of our teams around the world.
In an environment that continues to be marked by economic and geopolitical tensions, we are optimistic about the outlook for the beauty market, and confident in our ability to keep outperforming it and to achieve another year of growth in sales and profit.
!['Mented is a very strong addition to the West Lane platform of beauty and wellness businesses, and we are excited to work with [co-founder] KJ [Miller] and the team to continue providing high quality products to Mented's loyal customer base,' said Michael Wentz, a vice president at West Lane.](https://img.gcimagazine.com/files/base/allured/all/image/2024/04/370162342_682917563865368_4553016856103776370_n.66268d872fb63.png?auto=format%2Ccompress&fit=crop&h=191&q=70&rect=0%2C0%2C1080%2C1080&w=340)
