LRLCY Loreal Co (PK)

By Ed Frankl

L'Oreal said Thursday that sales in the third quarter climbed on year, as its growing cosmetics and consumer-products businesses shrugged off slower-than-expected recovery in China.

The French beauty company posted sales of 10.00 billion euros ($10.54 billion) in the three months to Sept. 30, up from EUR9.58 billion in the same period of 2022.

On a like-for-like basis, sales growth was 11.1%, the company said.

Sales grew in all divisions, on a comparable basis, with dermatological beauty outperforming with on-year growth of 28%, while sales at consumer products, which includes brands Maybelline and Garnier, jumped 13%.

By region, comparable sales grew by double digits in Europe, North America, Latin America and its grouping of Africa, the Middle East and southern Asia, but declined in north Asia as the recovery of the beauty market in mainland China dragged.

"In a context of continued economic and geopolitical uncertainty, we remain confident in our ability to keep outperforming the market and achieve in 2023 another year of growth in sales and profits," L'Oreal's Chief Executive Nicolas Hieronimus said.

Write to Ed Frankl at edward.frankl@wsj.com

(END) Dow Jones Newswires

October 19, 2023 12:40 ET (16:40 GMT)

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