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L’Oreal First-Quarter Sales up 13.5%

L'Oreal make-up is displayed in a new beauty store "...le drugstore parisien" by French supermarket retailer Casino and beauty products group L'Oreal in Paris, France, June 22, 2018. (Reuters)
L'Oreal make-up is displayed in a new beauty store "...le drugstore parisien" by French supermarket retailer Casino and beauty products group L'Oreal in Paris, France, June 22, 2018. (Reuters)
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L’Oreal First-Quarter Sales up 13.5%

L'Oreal make-up is displayed in a new beauty store "...le drugstore parisien" by French supermarket retailer Casino and beauty products group L'Oreal in Paris, France, June 22, 2018. (Reuters)
L'Oreal make-up is displayed in a new beauty store "...le drugstore parisien" by French supermarket retailer Casino and beauty products group L'Oreal in Paris, France, June 22, 2018. (Reuters)

Cosmetics group L'Oreal reported better than expected first-quarter sales growth on Tuesday, citing strong demand in the US, Europe and mainland China as consumers brushed off concerns about inflation and snapped up high-end beauty products.

Sales for the first three months of 2022 rose 13.5% on a like-for-like basis to 9.06 billion euros ($9.8 billion), with double-digit growth from Europe, North America and mainland China.

Analysts had expected 10.6% sales growth, according to a consensus estimate cited by Credit Suisse.

"This is a good statement overall with strong momentum behind L'Oreal's key growth drivers," RBC analysts said, citing North Asia, North America and the Active Cosmetics division.

The Active Cosmetics division, which includes Vichy and CeraVe labels, grew fastest, with sales up 18%, while the beauty giant's largest division, L'Oreal Luxe, which sells Giorgio Armani and Lancome products, clocked 17.5% growth.

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Fashion

Burberry Shares Jump on Moncler Bid Report

A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)
A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)
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Burberry Shares Jump on Moncler Bid Report

A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)
A Burberry logo displayed outside its store on New Bond Street in London, Britain, July 15, 2024. (Reuters)

Burberry shares rose as much as 8% on Monday after a media report said Italian luxury outerwear maker Moncler was considering a bid for the British luxury retailer.

Moncler, known for its puffer jackets, on Sunday, said it would not comment on "unsubstantiated rumors" of a possible deal between the two luxury brands.

Burberry, which had a market valuation of nearly 3 billion pounds ($3.89 billion) as of the last close, did not immediately respond to a Reuters request for comment on Monday.

The company's shares, which jumped to 876.6 pence in early trading, pared gains to trade around 3.5% higher by 0732 GMT. The stock has plummeted about 40% so far this year.

Moncler shares, largely flat at 50.8 euros currently, fell as much as 1.5% early in the session.

Burberry, known for dressing the English upper class in its classic camel, red, and black check prints, has lagged behind its peers as it struggles to revive demand for its clothing.

It scrapped its dividend and issued a profit warning in July.

Broadly, luxury groups have struggled with tighter consumer spending in recent quarters, especially in China, with Moncler reporting a 3% drop in third-quarter sales last month.