Quarterly sales by the French cosmetics group L’Oreal exceeded their pre-pandemic levels for the first time in the first three months of this year, according to figures released on Thursday.
The company whose brands include Maybelline, Lancome, Kiehls and Redken sold 7.6 billion euros ($9.1 billion) in products in January through March.
That is 5.4 per cent rise in the same period in 2020, but L’Oreal’s sales had already begun to fall as the COVID-19 pandemic began to sweep the world and trigger lockdowns that kept its customers from going to the office or out for the evening.
However, the sales were marginally higher than 7.55 billion euros posted in the first quarter of 2019.
Sales were flat in the final three months of 2020, as the company recorded a 6.3-per cent drop for the year overall.
Nevertheless, the company remained profitable, posting net earnings of 3.6 billion for 2020.
The recovery in the first quarter was continuing to be driven by Asia, particularly China, as well as online sales.
‘In spite of the health crisis and the ongoing associated measures in some countries, particularly in Western Europe, the beauty market continues to recover,’ said CEO Jean-Paul Agon.
Sales of consumer products continued to suffer, while those of luxury and professional products grew.
‘The Consumer Products Division is stable, still held back by its high exposure to the makeup category which remains lacklustre,’ said Agon. — AFP
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