L'Oreal sales rise 3.5% in first quarter

Reuters
04/18
L'Oreal sales rise 3.5% in first quarter

PARIS, April 17 (Reuters) - L'Oreal OREP.PA reported a 3.5% rise in like-for-like first-quarter sales on Thursday, beating expectations for slower growth, as strong demand for its face creams and perfume in Europe helped counter challenging conditions in the United States.

The French cosmetics group, which owns Maybelline makeup and Kiehl's skincare, reported sales of 11.7 billion euros ($13.30 billion) for the three months to the end of March.

Growth exceeded a Visible Alpha consensus of 1.3% cited by analysts at Jefferies, though also included a 100 million euro benefit from phasing of an IT overhaul, the company said.

($1 = 0.8795 euros)

(Reporting by Dominique Patton; Editing by Kirsten Donovan)

((dominique.patton@thomsonreuters.com;))

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