{"id":16339,"date":"2023-04-19T18:27:36","date_gmt":"2023-04-19T18:27:36","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/loreal-q1-sales-rise\/"},"modified":"2023-04-19T18:28:50","modified_gmt":"2023-04-19T18:28:50","slug":"loreal-beats-expectations-with","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/loreal-beats-expectations-with\/","title":{"rendered":"L&#8217;Oreal beats expectations with strong sales in U.S., Europe"},"content":{"rendered":"<p>By Mimosa Spencer<\/p>\n<p>PARIS (Reuters) -L&#8217;Oreal reported a 13% rise in first-quarter sales, beating expectations thanks to strong business in the United States and Europe as shoppers shrugged off rising prices, but has yet to benefit from the end of COVID-19 curbs in China.  <\/p>\n<p>Sales of the French cosmetics group, which sells brands ranging from Maybelline to Lancome, came to 10.38 billion euros ($11.37 billion) over the first three months to the end of March. <\/p>\n<p>The 13% increase on an organic basis beat analysts&#8217; expectations for 8.1% growth, according to a consensus estimate cited by Barclays.<\/p>\n<p>Sales in Europe and North America grew by 16% and 16.6% respectively, with the company flagging strong performance from its consumer products division, which has been moving upmarket, as well as its dermatological beauty division, which sells CeraVe skincare.<\/p>\n<p>In mainland China, where the company said luxury sales were flat due to low inventories, consumer demand and store traffic resumed from February. <\/p>\n<p>&#8220;These are truly outstanding numbers,&#8221; despite China &#8220;still being a drag,&#8221; said Bruno Monteyne, analyst with Bernstein, noting that sales growth for every division beat expectations, with a standout performance from the dermatological beauty division, up 30.6%.<\/p>\n<p>The division&#8217;s ties to healthcare professionals like pharmacists and dermatologists &#8220;cement long-term brand loyalty and are extremely powerful in directing consumer choice,&#8221; said Gerrit Smit, manager of the $1.9 billion Stonehage Fleming Global Best Ideas Equity Fund, a L\u2019Oreal investor.<\/p>\n<p>L&#8217;Oreal Chief Executive Nicolas Hieronimus said in a call with analysts that he was confident sales at the company&#8217;s luxury division, which rose 6.5%, would accelerate, driven by a rebound in China where it has over 31% market share.<\/p>\n<p>He said that while inflation and the risk of recession had not disappeared, &#8220;we see blue patches&#8221;, citing rising consumer confidence in the United States and China.<\/p>\n<p>($1 = 0.9127 euro)<\/p>\n<p> (Reporting by Mimosa Spencer; editing by Silvia Aloisi, Jonathan Oatis and Cynthia Osterman)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/loreal-beats-expectations-with\/file-photo-a-man-walks-by-the-logo-of-french\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0O7-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3I0O7-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mimosa Spencer PARIS (Reuters) -L&#8217;Oreal reported a 13% rise in first-quarter sales, beating expectations thanks to strong business in the United States and Europe as shoppers shrugged off rising prices, but has yet to benefit from the end of COVID-19 curbs in China. Sales of the French cosmetics group, which sells brands ranging from [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":16340,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-16339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0O7-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=16339"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16339\/revisions"}],"predecessor-version":[{"id":16539,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16339\/revisions\/16539"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/16340"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=16339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=16339"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=16339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}