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Adds makeup trends, numbers compared to 2019 levels
PARIS, July 29 (Reuters) – L’Oréal, owner of Maybelline OREP.PA Sales growth accelerated in the second quarter on Thursday in part due to the recovery in makeup sales in the United States as COVID-19 lockdowns ease.
High-end fashion brands have benefited from booming Chinese and US demand in recent quarters, helping the revenues of luxury goods groups like LVMH LVMH.PA return to pre-pandemic levels, and L’Oréal has shown similar trends as vaccination campaigns progress and people begin to socialize more.
The French group, which also owns brands like Lancôme and manufactures Armani beauty lines, said sales of high-end fragrances were on the rise, while makeup revenues, which had been struggling for several years, recovered.
This has helped some of L’Oréal’s divisions which have weakened relative to others, such as the consumer goods unit which houses products sold in supermarkets.
Overall group sales reached € 7.6 billion ($ 9.03 billion) in the second quarter, up 33.5% excluding currency fluctuations and acquisitions. This is up from 10.2% like-for-like sales growth over the previous three months.
L’Oréal “is well positioned to continue to grow at its pre-crisis rate,” said Managing Director Nicolas Hieronimus, adding that the group would pursue more product launches in the second half of 2021.
($ 1 = 0.8418 euros)
(Reporting by Sarah White; Editing by Christian Lowe and Mike Harrison)
((sarah.white1@thomsonreuters.com; + 33 (0) 1 49 49 56 85;))
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