L'Oreal Earnings Rise on Growth Outside of China
By David Sachs
L'Oreal's earnings rose in the first half, driven by growth outside of China following a pivot away from the sluggish market.
Sales rose 7.5% to 22.12 billion euros ($23.93 billion) on year, the French cosmetics company said Tuesday after European markets closed. Sales in emerging markets, Europe and North America drove growth, helping to offset a decline in a Chinese market marked by soft consumer spending due to sluggish economy.
Analysts expected sales of EUR22.03 billion, according to the Visible Alpha consensus.
L'Oreal's operating profit--a closely watched metric by analysts and traders--jumped 8% to EUR4.60 billion. Analysts expected operating profit at EUR4.57 billion, according to Visible Alpha. The operating margin hit 20.8% in the second half of last year.
The company behind myriad brands including Garnier and Lancome Paris said it remains confident it will outperform the market this year.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
July 30, 2024 12:34 ET (16:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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