L'Oreal reports sales spurt thanks to emerging markets
French group L'Oreal, the world's largest cosmetics maker, announced Thursday stronger-than-expected growth in third quarter sales of 14.6 percent thanks in large part to emerging countries.
Sales totaled 4.85 billion euros (6.76 billion dollars) in the third quarter.
The company posted 14.52 billion euros in sales in the first nine months of the year, a headline increase of 11.6 percent or a 6.2 percent gain on a like-for-like basis.
"This performance confirms the clear upturn in sales recorded since the start of the year," CEO Jean-Paul Agon was quoted as saying in a statement.
The company recorded 1.8 percent like-for-like growth in the first nine months of the year in Western Europe, with 4.6 percent growth in North America and 12.4 percent growth in emerging markets.
Emerging markets accounted for 36 percent of the companies sales in the first nine months of the year.
© 2010 AFP