World Business

L'Oreal records strong growth in Q2

(Xinhua)
Updated: 2010-07-13 09:17

PARIS - French cosmetics producer L'Oreal reported a 12.4 percent rise in second-quarter sales, expecting continued growth in the second half of 2010, according to the world leading group's quarterly report issued on Monday.

L'Oreal said sales in the second quarter rose to 4.95 billion euros ($6.23 billion) from 4.40 billion euros in the same period a year ago, totaling 9.67 billion euros of sales in the first half of 2010.

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The strong growth of the first half year result was boosted by the recovery in luxury products markets and by foreign exchange gains, the French company said in the report.

The positive trend "might increase in the course of this year" and "we can tackle the second half with confidence," Jean-Paul Agon, chief executive officer of L'Oreal said in a statement.

The second-quarter sales growth was bigger than the 8-percent year-on-year increase in the first quarter, and the overall first half result, compared to the same period in 2010, registered a growth rate of 10.2 percent.

L'Oreal noted a good performance in North America and breakthroughs in emerging markets, especially India, China and Brazil, while growth of European sales was lagging behind.