French beauty giant L’Oreal reported a slightly higher-than-expected 4.2 percent rise in like-for-like first-quarter sales on Tuesday, helped by thriving demand for its luxury products in Asia.
The maker of Garnier shampoo and Maybelline make-up said sales in its consumer products division rose 1.4 percent on a like-for like basis, while revenues in its professional unit fell 1.8 percent.
In its luxury division, meanwhile, which houses brands such as Lancome and Yves Saint Laurent cosmetics, like-for-like sales were up 12.2 percent.
“We are confident in our ability to achieve another year of sales and profit growth in 2017,” Chief Executive Officer Jean-Paul Agon said in a statement.
Analysts had expected like-for-like sales across the group to rise 3.9 percent, according to forecasts compiled for Reuters by Inquiry Financial. L’Oreal’s reported sales were up 7.5 percent at 7.04 billion euros (5.98 billion pounds), also slightly above analyst forecasts.
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