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L'Oreal posts 14% rise in first-quarter sales
[PARIS] L'Oreal posted a 14.1 per cent rise in first-quarter sales on Monday, helped by the weak euro and resilient demand for luxury goods products such as Yves Saint Laurent's Black Opium perfume.
The maker of Garnier shampoo and Maybelline make-up said the market for mass consumer goods had declined slightly in Western Europe but was still growing moderately in North America.
Sales growth at L'Oreal's mass consumer goods business slowed to 1.7 per cent on a like-for-like basis in the three months to March 31, down from 3 per cent in the previous quarter, while sales growth for luxury products slowed to 7.5 per cent from 8.6 percent.
Overall, the world's biggest cosmetics group generated quarterly sales of 6.44 billion euros (US$6.93 billion), up 4 per cent on a like-for-like basis and 5.2 per cent at constant exchange rates.
L'Oreal did not give a precise forecast for the full year other than to express confidence in its ability to outperform the market again and achieve growth in sales and profit.
L'Oreal shares, which have gained 27 per cent since Jan 1, rose 0.5 per cent to close at 177.20 euros.