+9.4% based on reported figures
+7.1% at constant exchange rates
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
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
1st quarter 2011
1st quarter 2012
By geographic zone
New Markets, of which:
- Asia, Pacific
- Eastern Europe
- Latin America
- Africa, Middle East
The Body Shop
(1) Group share, i.e. 50%.
1) Cosmetics sales
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
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
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
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
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
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 &
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
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
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
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
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
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
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
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.