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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

Boohoo Names Finley as CEO against Frasers Demand to Pick Mike Ashley

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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Boohoo Names Finley as CEO against Frasers Demand to Pick Mike Ashley

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

British online fashion retailer Boohoo on Friday appointed Dan Finley as its new CEO, effective immediately, in a blow to top investor Frasers which had attempted to appoint its controlling shareholder Mike Ashley to the role.
Boohoo's shares rose 3% on the news of the appointment of Finley, who is currently head of Boohoo's digital department store unit Debenhams and who will replace John Lyttle.
Frasers last week requisitioned a general meeting at Boohoo to appoint British entrepreneur Ashley as CEO. A week prior, Boohoo had said Lyttle would step down and also announced a strategic review that could see it broken up.
Controlled by Ashley, the British sportswear and apparel retailer is Boohoo's biggest shareholder with a stake of about 27%.
Boohoo's board was unanimous in its decision to appoint Finley as CEO, the company's Deputy Chairman Alistair McGeorge said in a statement.
Frasers did not immediately respond to a Reuters request for a comment.
Under Finley's leadership, Debenhams has a gross merchandise value (GMV) annual run rate of about 800 million pounds ($1.03 billion) due to a capital-light and cash generative model, Boohoo said.
Analysts at Jefferies said the GMV was well ahead of the brokerage's estimate earlier this year of about 400 million pounds.
Boohoo, in response to Frasers last week, had said it was willing to discuss board representation but that there needed to be "appropriate governance" to protect its commercial position.
Boohoo had noted that Frasers also owns a 23.6% stake in ASOS, which operates in similar markets to both Boohoo and Frasers.
Frasers also owns stakes in the likes of British luxury brand Mulberry, where a takeover attempt by Frasers failed last month, and British electronics retailer AO World .
It also invested 150 million pounds in Debenhams, which went out of business in 2021 and was bought by Boohoo out of administration.