L’Oreal, the French beauty company, announced impressive sales growth for the third quarter, despite a slower recovery in China. Sales reached €10.00 billion ($10.54 billion) between July and September 2022, up from €9.58 billion in the same period last year.
The company reported a robust like-for-like sales growth rate of 11.1%. All divisions experienced growth on a comparable basis, with dermatological beauty leading the way at 28% year-on-year. The consumer products division, which includes popular brands such as Maybelline and Garnier, also saw a significant jump of 13% in sales.
L’Oreal achieved double-digit sales growth in Europe, North America, Latin America, and the Africa-Middle East-Southern Asia region. However, sales declined in North Asia due to a slower recovery in the mainland Chinese beauty market.
Despite ongoing economic and geopolitical uncertainties, L’Oreal’s Chief Executive Nicolas Hieronimus expressed confidence in the company’s ability to outperform the market and achieve another year of sales and profit growth in 2023.
Overall, L’Oreal’s strong sales performance in the third quarter reflects the resilience and success of its cosmetics and consumer-products businesses, even in challenging times.