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4-Traders Homepage  >  Equities  >  Euronext Paris  >  L'Oréal    OR   FR0000120321

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L'OREAL : First quarter 2012 sales

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04/13/2012 | 07:15pm CEST
Sales: 5.64 billion euros

     +9.4% based on reported figures
     +7.1% at constant exchange rates
     +6.4% like-for-like

Growth in all branches and divisionsStrong dynamism at L'Oréal LuxeSolid growth in North AmericaContinuing fast growth in the New Markets, particularly in Asia.

Commenting on the figures, Mr Jean-Paul Agon, Chairman and CEO of L'Oréal, said:

"These first months augur well for the year, as all divisions and all geographic zones are expanding. The worldwide cosmetics market remains strong, and trends are favourable for all brands. L'Oréal Luxe is achieving remarkable growth, bolstered in particular by the dynamism of Lancôme, the success of the designer fragrances, and the vitality of Kiehl's.

During the first quarter, the New Markets have become the number one geographic zone for the group, driven by very strong performances in Asia. North America is still achieving sustained growth. In Western Europe, in a sluggish market context, the group is growing and improving its positions. Finally, the new initiatives in Eastern Europe are beginning to pay off.

These performances demonstrate the relevance of our strategic thrusts and the solidity of the L'Oréal business model, based on excellence in research and creativity in marketing.

Although it is not possible to extrapolate from these figures, and despite the economic environment which remains uncertain, the first three months have reinforced our confidence in the group's ability to outperform the market in 2012, to strengthen its global positions, and to achieve another year of growth in both sales and profits."

A - First quarter 2012 sales

Like-for-like, i.e. based on a comparable structure and identical exchange rates, the sales growth of the L'Oréal group was +6.4%.
The net impact of changes in consolidation was +0.7%.
Currency fluctuations had a positive impact of +2.3%.
Growth at constant exchange rates was +7.1%. If current exchange rates (basis €1=$1.33) are extrapolated up to December 31, the impact of currency fluctuations would be +2.5% for the whole of 2012.
Based on reported figures, the group's sales at March 31, 2012 amounted to 5.643 billion euros, an increase of +9.4%.

Sales by operational division and geographic zone

Quarterly sales Growth
€ million 1st quarter 2011 1st quarter 2012 Like-for-like Reported

By division

Professional Products

715.5 755.6 3.1 % 5.6 %

Consumer Products

2,583.8 2,769.5 5.1 % 7.2 %

L'Oréal Luxe

1,116.6 1,315.5 12.2 % 17.8 %

Active Cosmetics

445.2 468.6 4.7 % 5.3 %

Cosmetics total

4,861.0 5,309.1 6.4 % 9.2 %

By geographic zone

Western Europe

1,910.4 1,953.9 1.7 % 2.3 %

North America

1,117.3 1,263.4 6.6 % 13.1 %

New Markets, of which:

1,833.4 2,091.7 11.2 % 14.1 %

-   Asia, Pacific

916.9 1,124.3 15.5 % 22.6 %

-   Eastern Europe

354.7 360.0 2.1 % 1.5 %

-   Latin America

403.6 433.5 8.5 % 7.4 %

-   Africa, Middle East

158.2 173.8 11.4 % 9.9 %

Cosmetics total

4,861.0 5,309.1 6.4 % 9.2 %

The Body Shop

169.6 180.4 3.9 % 6.4 %


129.6 153.5 6.6 % 18.4 %

Group total

5,160.2 5,643.0 6.4 % 9.4 %

 (1) Group share, i.e. 50%.


The Professional Products Division posted growth of +3.1% like-for-like in the first quarter, and +5.6% based on reported figures, thanks to the dynamism of the New Markets and the success of its launches in hair colourants and haircare.

  • In hair colourants, the new ODS 2 technology (Oil Delivery System 2) is enabling L'Oréal Professionnel to continue the Inoa roll-out, with a new formula, simplified application for hairdressers and a colour result which is winning customers over. With its new permanent hair colourant Chromatics, Redken is capitalising on the same technological breakthrough and is progressing. Kérastase is accelerating, driven by the global roll-out of Fusio-Dose and Force Architecte. Launched by all the divisions' brands, hair oils are moving into all regions of the world.
  • In Europe and in North America, the division is consolidating its leadership. The dynamism of the New Markets has been driven by the success of product initiatives in hair colourants and professional haircare. Asia in particular is accelerating strongly, driven by the growth of Matrix in China and in India.


In the first quarter the Consumer Products Division achieved growth of +5.1% like-for-like, and +7.2% based on reported figures. All the division's brands and all geographic zones posted increased sales.

  • L'Oréal Paris is continuing to launch major initiatives in all categories: in make-up with Lumi Magique foundation and Nude Magique BB cream, in skincare with Youth Code Lumière and in haircare with Nutri Gloss Cristal.
    Garnier is accelerating its sales through the geographic expansion of Miracle Skin Perfector (BB cream), and the launch of Nutrisse Mousse, the first-ever nourishing colourant foam.
    Maybelline is continuing its growth across all continents, with a non-stop flow of innovations, including Superstay 14hr One Step lipstick, Dream Foam foundation and Illegal Lengths mascara.
    In nail make-up, essie has been successfully launched in several European countries.
  • In Western Europe, in a sluggish market, the division is increasing its sales and improving its market share, particularly in France, Germany, Italy and the Nordic countries. The situation remains more difficult in the Southern countries.
    The division made a very good start to the year in North America, bolstered in particular by the success of Garnier skincare initiatives.
    In the New Markets, the trend is positive in all regions. Growth in Asia has been driven by the dynamism of L'Oréal Paris and Men Expert skincare in China. The L'OréalParis haircare line is proving successful in India.
    The division's sales are picking up in Eastern Europe, thanks to the launch of ElsèveTriple Resist shampoo enriched in Arginine by L'Oréal Paris, and BB cream and Color Sensation hair colourant from Garnier. In Latin America, the division made a solid start to the year, thanks to success in deodorants and hair colourants. The year started well in the Africa, Middle East zone, thanks in particular to the Gulf countries.

In the first quarter of 2012, L'Oréal Luxe sales increased by +12.2% like-for-like and by +17.8% based on reported figures, helped by the positive impact of the Clarisonic® acquisition. Sell-out is accelerating and the division is making market share gains.

  • Lancôme made an excellent start to the year, thanks in particular to the worldwide success of its two serums Génifique and Visionnaire, and is asserting its modernity in make-up with the launch of Rouge in love lipstick and the long-lasting foundation Teint Idole Ultra 24h.
    Yves Saint Laurent is growing strongly thanks to Rouge Pur Couture lip gloss and its brand new technology, and has high expectations following the Asian launch of its Forever Youth Liberator skincare line, which is already a success in Europe.
    Giorgio Armani is continuing its luxury-focused strategy with Acqua di Gioia, and is extending its beauty offering with Régénessence High Lift skincare.
    Kiehl's has started the year with strong sales growth, driven by the success of facial skincare, and by the launch of Clearly Corrective.
    Viktor & Rolf is building up momentum, drawing on the strength of its two flagship products, Flowerbomb and Spicebomb, its new men's fragrance.
    Clarisonic®, the latest acquisition by L'Oréal Luxe, is already contributing to the division's good performances.
  • In Western Europe, in a market with a slightly negative trend, the division is advancing and winning market share, thanks in particular to Lancôme,Yves Saint Laurent and Kiehl's. In North America, L'Oréal Luxe is proving very dynamic, thanks to Clarisonic®, Yves Saint Laurent, Ralph Lauren, Kiehl's and Viktor & Rolf.
    In the New Markets, the division's growth is still very strong, particularly in Greater China. The Lancôme brand is proving dynamic there, Yves Saint Laurent has been successful with the strategic launch of its skincare line Forever Youth Liberator, Kiehl's is continuing to grow and Yue Sai has also recorded strong growth. Note also the good advances made in the Middle East and in Latin America.

In the first quarter, the sales of the Active Cosmetics Division grew by +4.7% like-for-like and by +5.3% based on reported figures. The division's growth is clearly accelerating in North America and the New Markets.

  • La Roche-Posay is continuing to prove dynamic.The brand is winning market share on all continents, driven in particular by the success of daily skincare products and by Cicaplast Baume B5 in the skin repair segment.
    Vichy has started the year in Europe with the success of Lift Activ Sérum 10, and the launch of Idealia day skincare.
    SkinCeuticals is continuing its growth in the United States and Europe with the extension of the professional channel (prescribing doctors, spas and medi-spas).
  • In North America, the division's growth has been bolstered by the good results of SkinCeuticals and the extension of the distribution of Vichy and La Roche-Posay, which now includes American drugstores.
    Asia has started the year very well and Latin America has also grown strongly, driven by Vichy, La Roche-Posay and Innéov. Europe continues to reflect contrasting trends.
Multi-division summary by geographic zone WESTERN EUROPE

In a market with a very slightly negative trend, L'Oréal is at +1.7% like-for-like and +2.3% base on reported figures, with good growth in France, Germany, the United Kingdom and Travel Retail. The situation is more difficult in the countries of Southern Europe, particularly in Greece and Portugal.


In North America, L'Oréal achieved growth of +6.6% like-for-like and +13.1% based on reported figures in the first quarter of 2012. L'Oréal Luxe made a good start to the year, thanks in particular to Yves Saint Laurent, the launch of TheBig Pony Fragrance Collection for Women by Ralph Lauren and the integration of Clarisonic®. The Consumer Products Division is continuing to make market share gains in all categories.


At end-March 2012, the New Markets have grown by +11.2% like-for-like and +14.1% based on reported figures.

  • Asia, Pacific: L'Oréal recorded growth of +15.5% like-for-like and +22.6% based on reported figures. All divisions are growing strongly and are winning market share, particularly L'Oréal Luxe, despite the slowdown in the South Korean market. This dynamism reflects the breakthroughs made by Lancôme, Kiehl's, and also Yves Saint Laurent, which is strengthening its positions thanks to the launch of the Forever Youth Liberator facial skincare line. In Consumer Products, L'Oréal Paris and Maybelline are continuing to make market share gains.
  • Eastern Europe: In the first quarter of 2012, the group is at 2.1% like-for-like. L'Oréal is recording contrasting performances in sales outlets across the divisions. The Professional Products Division is winning new hair salons and in Consumer Products, the programme of adapted initiatives is beginning to pay off, particularly for Garnier.
  • Latin America: L'Oréal has started the year with an increase in sales of +8.5% like-for-like. The trend in Brazil is slower than at the end of 2011 because of the very high comparison base. All other countries in the zone have strongly positive trends, particularly Mexico and countries in Central America.
  • Africa, Middle East: In the first quarter, the zone achieved growth of +11.4% like-for-like, thanks to the dynamism of the Middle East. In Turkey, Egypt and Saudi Arabia, sales have risen strongly.
2) The Body Shop sales

At end-March, The Body Shop sales recorded like-for-like growth at +3.9%. Retail sales(1) are growing at +4.7%.

The Body Shop achieved strong growth in the New Markets, particularly in the Middle East, and South East Asia. In mature markets performance was solid in the Nordics and North America. The brand continues to accelerate its growth in e-commerce, and now has 17 online stores.

The Body Shop continues to boost its militant approach to innovation, with the launch of Chocomania, a multi-sensorial bodycare range containing 45% of the highest quality Community Fair Trade ingredients, and Drops of Youth, a certified organic skincare serum using the latest plant stem cell technology.

The brand has started the global roll-out of its ground-breaking new Pulse boutique format, following successful trials of the concept in 2011.

At end-March 2012, The Body Shop has a total of 2,753 stores.

(1) Retail sales: total sales to consumers through all channels, including franchisees.

Galderma's sales increased by +6.6%, like-for-like and +18.4% based on reported figures.
Epiduo (acne), Restylane (hyaluronic acid-based dermal filler) and Azzalure (muscle relaxant for frown lines) all recorded strong growth.

The Asia, Pacific zone showed strong growth led by outstanding performance in China. In Europe, solid growth in Germany was partially offset by the increase in sales of Loceryl generics in France. Growth in the United States was impacted by the anticipated entrance of Clobex shampoo and lotion generics, but Oracea (rosacea) et Différine 0.3% (acne)boasted excellent results. Epiduo, Oracea, Restylane and Azzalure showed vigorous market share gains.

To the best of the company's knowledge, no events or changes occurred during the period which could significantly modify the group's financial situation.

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Financials (€)
Sales 2018 26 382 M
EBIT 2018 4 822 M
Net income 2018 3 862 M
Finance 2018 3 376 M
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P/E ratio 2018 30,21
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Duration : Period :
L'Oréal Technical Analysis Chart | OR | FR0000120321 | 4-Traders
Technical analysis trends L'ORÉAL
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 30
Average target price 195 €
Spread / Average Target -6,0%
EPS Revisions
Jean-Paul Agon Chairman & Chief Executive Officer
Barbara Lavernos Executive Vice President-Operations
Christian Mulliez Chief Financial Officer & EVP-Administration
Laurent Attal Executive Vice President-Research & Innovation
Martha Heitzmann-Crawford SVP-Advanced Research & Scientific Directorate
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