L’Oreal says it will return to profit this year as consumers hit shops
Luxury cosmetics group L’Oreal posted higher sales in the second quarter helped by emerging markets and positive currency effects, confirming a recovery in consumer spending.
Second quarter revenues climbed 5.2 per cent to €4.9bn (£4.1bn) on a like-for-like basis, slightly ahead of analysts expectations.
L’Oreal, which sells Garnier shampoo and Vichy facial creams, does not provide annual forecasts. But it pledged to return to growth and said in a statement “it can tackle the second half with confidence”.
The group, which was were severely hit by the spending slump last year, saw signs shoppers were returning to stores in the first three months of the year and the trend was confirmed in the second quarter.