L'Oreal first quarter sales up 9.3%

19th April 2011, Comments 0 comments

L'Oreal, the world's largest cosmetics maker, said Tuesday its first quarter sales rose 9.3 percent from a year earlier to 5.16 billion euros, boosted by a strong US and developing country performance.

The company said the performance was a good start to the year and allowed it to confirm its growth, sales and profit targets for the full year.

Sales in the three months to March came in above the 5.08 billion euros ($7.26 billion) expected by analysts, according to Dow Jones Newswires.

Chief executive Jean-Paul Agon said in a statement that despite an uncertain interest rate outlook, the first quarter bolstered confidence in the company's ability to strengthen its global position.

North America saw a strong pick-up while new markets in Latin America, Asia and in Africa and the Middle East also did well while Europe market time, he said.

L'Oreal posted a 2010 net profit of 2.24 billion euros on sales of 19.5 billion euros.

© 2011 AFP

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