L'Oréal Group has reported first quarter 2016 sales of 6.55 billion euros, a gain of 4.2%, like-for-like, and 1.8% year-over-year. The results mirror some of the results seen in 2015.
“The Group made a solid start in the first quarter, with growth in all our divisions and geographic zones: the Consumer Products Division accelerated at the start of the year, recording its best quarter for almost three years," Jean-Paul Agon, Chairman and Chief Executive Officer of L'Oréal. "L’Oréal Luxe started the year well in line with expectations, despite a difficult comparison base in Hong Kong and in the Travel Retail channel, and is continuing to roll out its brand portfolio worldwide. Sales in the Professional Products and Active Cosmetics Divisions should strengthen over the coming quarters."
Other leading challenges for L'Oréal Group's results included:
- Currency fluctuations
- Sales drop of 11.1% in Latin America
Now for the good news. L'Oréal Group reported a number of strong drivers for the business, including:
- North American growth of 5.8%
- Africa, Middle East growth of 5.4%
- 4.4% sales gain in the Luxe segment
- e-commerce growth of 35%
Agon concluded, "We are confirming our ambition of achieving another year of sales and profit growth.”