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L'Oreal posts sales increase of 2.3 percent in Q3
(MENAFN) Cosmetics giant L'Oreal announced posting a 2.3 percent increase of sales in the third-quarter period despite a flat performance in Europe and a drop in the mass market segment, AFP reported.
The French group's sales hit USD6.73 billion and the company confirmed its forecast to beat the average sales growth for the cosmetics industry, as well as to improve its operating profitability and profit per share.
However, on an annual basis, the 2.3 percent sales growth was the slowest this year after a 3.5 percent increase recorded in the first quarter and a 4.1 percent rise posted in the second.
"In the third quarter, L'Oreal recorded low growth because of a slight contraction in the Consumer Products Division, as the mass market hit an air pocket in Western Europe," chief executive said.
The French group's sales hit USD6.73 billion and the company confirmed its forecast to beat the average sales growth for the cosmetics industry, as well as to improve its operating profitability and profit per share.
However, on an annual basis, the 2.3 percent sales growth was the slowest this year after a 3.5 percent increase recorded in the first quarter and a 4.1 percent rise posted in the second.
"In the third quarter, L'Oreal recorded low growth because of a slight contraction in the Consumer Products Division, as the mass market hit an air pocket in Western Europe," chief executive said.
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