Sales at 30 September 2023
L’ORÉAL STAYS ITS COURSE
ANOTHER QUARTER OF DOUBLE-DIGIT
GROWTH1
- Sales: 30.57 billion euros, +12.6%
like-for-like1, +14.0% at constant currencies, +9.4% reported.
- Third quarter sales: +11.1%
like-for-like1. Sustained outperformance
of the global beauty market.
- Continued growth in both volume and
value.
- Growth in all Divisions with very strong
performance of the L’Oréal Dermatological Beauty and Consumer
Products Divisions.
- Double-digit growth in all regions, except
North Asia, where strong market outperformance in mainland China
and Japan was offset by the reset in Travel Retail. Particularly
impressive performance in Europe and emerging markets.
- Very balanced, double-digit growth offline and
online.
- Completion of the acquisition of Aēsop on 30
August.
- Creation of the €15 million L’Oréal Climate Emergency
fund to help vulnerable communities prepare for and
recover from climate disasters.
- EcoVadis Platinum Medal for environmental and
social performance with a score of 83/100, putting L’Oréal in the
top-1% of the world’s best-performing companies.
Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal,
said: “I am very proud of the performance of our teams in the first
nine months. The beauty market remains exceptionally dynamic, and
L’Oréal continues to outperform and reinforce its global
leadership. Despite the slower than expected recovery of the beauty
market in mainland China and the reset in Asian Travel Retail,
L’Oréal kept its double-digit pace1. We did so thanks to our
broad-based regional footprint, our successful innovation pipeline,
and our agility to rapidly allocate investment to the areas where
we see the highest growth. In a context of continued economic and
geopolitical uncertainty, we remain confident in our ability to
keep outperforming the market and achieve in 2023 another year of
growth in sales and profits. We are optimistic about the outlook
for the beauty market and remain ambitious for the future.”
SALES AT 30 SEPTEMBER 2023
Like-for-like, i.e.,
based on a comparable scope of consolidation and constant exchange
rates, sales of the L’Oréal group grew by +12.6%.
The net impact of changes in the scope of
consolidation was +1.4%.
Growth at constant exchange
rates came out at +14.0%.
Currency fluctuations had a negative impact of
-4.6%. If the exchange rates at 30 September 2023, i.e. €1 =
$1.058, are extrapolated until 31 December, the impact of currency
fluctuations on sales would be around -4.7% for the whole of
2023.
Based on reported figures, the Group’s sales at
30 September 2023 amounted to 30.57 billion euros, an increase
of +9.4%.
Sales by Division and Region
|
3rd quarter 2023 |
Nine months 2023 |
|
|
Growth |
|
Growth |
|
€m |
Like-for-like |
Reported |
€m |
Like-for-like |
Reported |
By Division |
|
|
|
|
|
|
Professional Products |
1,109.8 |
+8.7% |
+1.4% |
3,423.5 |
+8.0% |
+5.1% |
Consumer Products |
3,771.2 |
+13.4% |
+6.3% |
11,458.3 |
+14.5% |
+10.8% |
Luxe |
3,496.4 |
+3.2% |
-3.2% |
10,784.9 |
+6.1% |
+2.9% |
Dermatological Beauty2 |
1,625.7 |
+28.1% |
+23.1% |
4,910.5 |
+28.7% |
+27.3% |
|
|
|
|
|
|
|
Group Total |
10,003.1 |
+11.1% |
+4.5% |
30,577.2 |
+12.6% |
+9.4% |
By Region |
|
|
|
|
|
|
Europe |
3,249.5 |
+16.2% |
+12.9% |
9,740.5 |
+17.6% |
+15.3% |
North America |
2,978.6 |
+11.8% |
+5.5% |
8,311.0 |
+12.6% |
+11.2% |
North Asia |
2,045.4 |
-4.8% |
-15.1% |
7,697.9 |
+1.3% |
-4.1% |
SAPMENA–SSA3 |
885.4 |
+23.7% |
+12.4% |
2,533.3 |
+23.6% |
+15.6% |
Latin America |
844.1 |
+25.4% |
+24.9% |
2,294.5 |
+24.4% |
+27.4% |
|
|
|
|
|
|
|
Group Total |
10,003.1 |
+11.1% |
+4.5% |
30,577.2 |
+12.6% |
+9.4% |
Summary by Division
PROFESSIONAL PRODUCTS
In the first nine months, the
Professional Products Division recorded growth of +8.0%
like-for-like and +5.1% reported. The Division delivered a
steady acceleration in like-for-like growth quarter after quarter
and continued to outperform the professional beauty market, with
remarkable growth in mainland China, India and the United States.
Consumer appetite for premium haircare and sophistication of
routines remains; in line with this trend, Kérastase continued to
go from strength to strength. In a dynamic haircare market, the
Division maintained its strong momentum, driven by its unique brand
portfolio and successful innovations, notably the revamping of the
iconic Nutritive range from Kérastase and the promising start of
Absolut Repair Molecular from L’Oréal Professionnel. In hair
colour, the performance was supported by key pillars Inoa from
L’Oréal Professionnel and Shades EQ from Redken. The Division
successfully pursued its omnichannel strategy and grew across all
of its distribution channels: in salons, in its SalonCentric
network (North America), in e-commerce and in the selective
channel. As an industry leader, the Division continued to support
its partner hairdressers in the ecological transition through its
“Hairstylists for the Future” programme.
CONSUMER PRODUCTS
The Consumer Products Division achieved its best
nine months on record, growing +14.5% like-for-like and +10.8%
reported. The Division outperformed a dynamic mass
market and delivered a balanced progression between offline
and online as well as between value and volume. By region,
the key growth contributors were Europe, where momentum remained
spectacular, as well as emerging markets with particularly strong
performances in Mexico, Brazil, and India. Disruptive and
valorising innovations, coupled with winning activations, powered
double digit growth across all major brands and categories. Makeup
was boosted by new launches like Falsies Surreal Mascara by
Maybelline New York, Infallible Matte Resistance lipstick
by L’Oréal Paris, and Fat Oil gloss by NYX Professional
Makeup, which also benefited from its great collaboration with
Barbie the Movie. Skincare was driven by sustained strong momentum
at Garnier, a successful innovation pipeline at L’Oréal Paris,
including Revitalift Clinical and Glycolic Bright, as well as a
good UV season. In hair, the Division significantly outperformed
the market thanks to its premiumisation strategy, embodied by the
successful launches of Elvive Bond Repair in haircare and
Garnier Good in hair colour.
LUXE
In the first nine months, L’Oréal Luxe achieved growth
of +6.1% like-for-like and +2.9% reported. In the third
quarter, the Division grew in double digits across all regions,
excluding Travel Retail Asia, which is impacted by the change in
policy regarding daigous. In mainland China, L'Oréal Luxe continued
to significantly outperform a market that has been slower to
recover than initially expected and to gain share. The fragrance
category was again the stand-out performer, driven by the ongoing
success of Paradoxe by Prada and Born In Roma by Valentino as well
as global pillars like Libre by Yves Saint Laurent and La Vie Est
Belle by Lancôme. The recently launched Yves Saint Laurent men's
fragrance MYSLF is off to a very strong start. In skincare, Helena
Rubinstein maintained its stellar performance and new launches like
Clarifique Double Essence and Rénergie H.P.N. 300-Peptide Cream by
Lancôme had a good start. Makeup saw a solid recovery across all
regions except Travel Retail Asia, driven by the likes of Yves
Saint Laurent and the newly launched Prada Beauty. The more
recently acquired brands played their role as growth engines,
delivering outstanding performance, notably Prada, Mugler and
Takami. Aēsop joined L’Oréal Luxe’s brand portfolio on 30
August.
DERMATOLOGICAL BEAUTY4
L’Oréal Dermatological Beauty recorded outstanding
growth of +28.7% like-for-like and +27.3% reported. The
Division maintained its strong momentum, continuing to outperform a
very dynamic dermocosmetics market – driven by its portfolio of
highly complementary brands and its longstanding medical
prescription leadership. It posted impressive growth across all
regions – remarkably well balanced between emerging and mature
markets. In mainland China, the Division significantly outperformed
a market that remained resilient. La Roche-Posay, the number one
growth contributor, maintained its strong growth trend, driven by
Effaclar, Cicaplast and UVmune 400. CeraVe achieved high
double-digit growth in both North America as well as the rest of
the world. Skinbetter Science continued its successful trajectory
in the US. Vichy accelerated, boosted by the Dercos haircare
franchise. Third-quarter sales include the remaining €57 million
insurance benefit following the natural disaster which has been
severely disrupting operations at the plant in Vichy since last
year.
Summary by Region
EUROPE
Europe posted exceptional growth of +17.6% like-for-like
and +15.3% reported. Since the start of the year, L’Oréal
has significantly outperformed a beauty market that has remained
buoyant. Its spectacular growth was broad-based across countries
with momentum particularly strong in the
Germany-Austria-Switzerland and Spain-Portugal clusters, the United
Kingdom, the Nordic countries as well as Eastern Europe. All
Divisions recorded strong growth. In the Consumer Products
Division, momentum was remarkable for all major brands and all
categories. L’Oréal Dermatological Beauty continued to deliver
spectacular growth, significantly outpacing its market, driven by
La Roche-Posay and CeraVe. L’Oréal Luxe continued to advance ahead
of the market in fragrances, the largest segment in the European
selective beauty market. Growth in the Professional Products
Division surpassed the market in the strategic premium haircare
segment. L’Oréal outperformed the market in most categories with
particularly noteworthy performance in skincare and fragrances. All
distribution channels contributed, including e-commerce.
NORTH AMERICA
In the first nine months, growth in North America
amounted to +12.6% like-for-like and +11.2% reported.
Growth was broad-based across all Divisions, boosted by a
successful, valorising innovation pipeline. In the US, the Consumer
Products Division continued to advance strongly with all categories
contributing; the makeup category remained dynamic, led by
innovations across all key brands. L’Oréal Luxe continued to
outperform the market in fragrances, driven by Couture brands like
Valentino and Yves Saint Laurent with the recently launched MYSLF
off to a great start. In makeup, Yves Saint Laurent and Armani
delivered strong growth, boosted by innovations. E-commerce
accelerated further. The Professional Products Division outpaced
the market, especially in haircare; retail-focused brands like
Kérastase and Pureology continued to thrive, as did L’Oréal
Professionnel and Redken. Selective and e-commerce channels boosted
performance. L’Oréal Dermatological Beauty maintained its
exceptional momentum and continued to outperform the market thanks
to the ongoing success of CeraVe, La Roche-Posay and Skinbetter
Science, all of which achieved double-digit growth – with La
Roche-Posay the Division’s fastest growing brand.
NORTH ASIA
North Asia grew +1.3% like-for-like and declined -4.1%
reported. North Asia continued to be impacted by the reset
in Travel Retail following the change in policy regarding daigous.
Despite the muted recovery in mainland China, where the beauty
market is broadly stable, L’Oréal kept its pace, growing at +7.7%
like-for-like and gaining significant market share across all
Divisions; growth was dynamic in all categories. Resumption of
tourist activity in Hong Kong SAR drove buoyant momentum. In Japan,
L’Oréal significantly outperformed a dynamic market, driven by
Consumer Products and L’Oréal Luxe. Professional Products advanced
strongly, driven by the success of premium haircare, notably
Kérastase – as did L’Oréal Dermatological Beauty, thanks to its
medical anchorage, with particularly strong growth contributions
from Skinceuticals, as well as La Roche-Posay and CeraVe. The
Consumer Products Division maintained its pace thanks to strong
innovations from L’Oréal Paris in skincare and haircare and 3CE
Stylenanda in makeup. L’Oréal Luxe continued to significantly
outperform the market, particularly in premium skincare thanks to
the remarkable success of Helena Rubinstein and Takami. Couture
brands like Yves Saint Laurent and the recently launched Prada
Beauty also contributed. Offline and online channels both
contributed to growth in the region.
SAPMENA–SSA5
SAPMENA-SSA achieved outstanding growth of +23.6%
like-for-like and +15.6% reported. In SAPMENA, L’Oréal
continued to grow in double digits, driven by both, volume and
value. All categories and Divisions contributed: skincare was the
key growth contributor, driven by the Consumer Products Division
and L’Oréal Dermatological Beauty with CeraVe leading the way;
makeup recovered to pre-pandemic levels; fragrances recorded strong
growth across all brands and countries. All countries in the region
reported double-digit like-for-like growth: the Australia-New
Zealand cluster, as well as India and Thailand were the top-three
contributors. Sub-Saharan Africa (SSA) saw remarkable growth –
broad-based across all countries. By category, skincare and makeup
achieved spectacular growth.
LATIN AMERICA
Latin America achieved outstanding growth of +24.4%
like-for-like and +27.4% reported. In a very dynamic
beauty market, L’Oréal showed strong momentum as the breadth of the
brand portfolio and the success of recent innovations enabled the
Group to respond to the region’s highly diverse consumer base.
Growth was well-balanced between volume and value. All countries
reported double-digit sales growth with Mexico and Brazil the
top-two contributors. By Division, the main growth contributors
were Consumer Products, where all three core brands remained highly
dynamic, and L’Oréal Dermatological Beauty, driven by further
acceleration of La Roche-Posay and CeraVe. Momentum was broad-based
across all categories with skincare particularly dynamic. The
consistent and balanced omnichannel activation strategy delivered
strong growth in both offline and online channels.
IMPORTANT EVENTS DURING THE PERIOD 1/7/23 TO
30/9/23
STRATEGY
- On 30 August, L’Oréal announced the completion of the
acquisition of Aēsop – a brand that is highly
complementary to the Luxe portfolio and offers significant growth
potential, notably in China and Travel Retail.
- In August, the Musée du Louvre and Lancôme joined
forces for an unprecedented collaboration. Inspired by
nine masterpieces of sculpture, Lancôme imagined a new skincare and
makeup collection, signed Lancôme x Louvre. The launch campaign was
filmed at the Louvre with several ambassadors of the brand.
MANAGEMENT
- On 14 September, L’Oréal announced several important
moves within its Executive Committee that will be
effective from the first quarter of 2024. Fabrice MEGARBANE will be
appointed Chief Global Growth Officer; he will succeed Frédéric
ROZÉ, who has announced his intention to retire at the beginning of
next year; he will oversee accelerating growth and leading
transformation projects in the five regions. Vincent BOINAY will
succeed Fabrice MEGARBANE as President of North Asia and Chief
Executive Officer of L’Oréal China; given the increased complexity
of the Chinese market, Laurence MA, currently General Manager of
L’Oréal Luxe China, will be appointed to the newly created role of
Deputy Chief Executive Officer in Charge of Divisions – L’Oréal
China. Emmanuel GOULIN will succeed Vincent BOINAY as President of
Travel Retail, joining L'Oréal’s Executive Committee.
RESEARCH, BEAUTY TECH AND
DIGITAL
- On 28 September, Le Visionnaire – Espace François
Dalle was inaugurated. It is located at 14 rue Royale in
central Paris, the site of L’Oréal’s original headquarters (and the
birthplace of the professional business). The 4,200 square metre
space is dedicated to transmitting corporate culture, creativity,
and inspiration – and to inventing the future of
beauty.
- On 22 September, L’Oréal’s Venture Capital fund BOLD (“Business
Opportunities for L’Oréal Development”), announced a
minority investment in Chinese biotech company SHINEHIGH
INNOVATION, to establish a long-term partnership for the
co-development of innovative and sustainable beauty solutions.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
PERFORMANCE
- In September, the Group announced the creation of the
€15 million L’Oréal Climate Emergency fund to help
vulnerable communities prepare for and recover from climate
disasters through partnerships with local relief organizations and
international NGOs. The new fund builds on L’Oréal’s longstanding
commitment to address growing humanitarian and environmental
challenges, bringing its total commitment to more than €200
million.
- In September, L’Oréal was awarded the EcoVadis Platinum
Medal for its environmental and social performance – with
a score of 83/100. This puts L’Oréal in the top-1% of the world’s
best-performing companies (out of 100,000 assessed).
- In August, L’Oréal was ranked third in the “Top 25 Most
Diverse & Inclusive Companies” by Refinitiv. The
constituents of the Diversity & Inclusion Index include the
most diverse and inclusive companies.
“This news release does not constitute an offer to sell, or a
solicitation of an offer to buy L’Oréal shares. If you wish to
obtain more comprehensive information about L’Oréal, please refer
to the public documents registered in France with the Autorité des
Marchés Financiers, also available in English on our website
www.loreal-finance.com.
This news release may contain some forward-looking statements.
While the Company believes that these statements are based on
reasonable assumptions as of the date of publication of this press
release, they are by nature subject to risks and uncertainties
which may lead to a discrepancy between the actual figures and
those indicated or suggested in these statements.”
This English language version is provided solely for the
convenience of English-speaking readers. In case of discrepancy,
the French version prevails.
About L’Oréal
For over 110 years, L’Oréal, the world’s leading beauty player,
has devoted itself to one thing only: fulfilling the beauty
aspirations of consumers around the world. Our purpose, to create
the beauty that moves the world, defines our approach to beauty as
inclusive, ethical, generous and committed to social and
environmental sustainability. With our broad portfolio of 37
international brands and ambitious sustainability commitments in
our L’Oréal for the Future programme, we offer each and every
person around the world the best in terms of quality, efficacy,
safety, sincerity and responsibility, while celebrating beauty in
its infinite plurality.
With 87,400 committed employees, a balanced geographical
footprint and sales across all distribution networks (e-commerce,
mass market, department stores, pharmacies, hair salons, branded
and travel retail), in 2022 the Group generated sales amounting to
38.26 billion euros. With 20 research centres
across 11 countries around the world and a dedicated Research and
Innovation team of over 4,000 scientists and 5,500 tech and digital
professionals, L’Oréal is focused on inventing the future of beauty
and becoming a Beauty Tech powerhouse. More information on
https://www.loreal.com/en/mediaroom
L’ORÉAL CONTACTS
Switchboard+33 (0) 1 47 56 70 00
Individual shareholders and market
authoritiesPascale
Guerin+33 (0)1 49 64 18
89pascale.guerin@loreal.com
Investor relationsFrançoise
Lauvin+33 (0)1 47 56 86
82francoise.lauvin@loreal.com
Eva Quiroga+33 (0)7 88 14 22
65eva.quiroga@loreal.com
MediaBrune Diricq+33 (0)6 63
85 29 87brune.diricq @loreal.com
Christine Burke+33 (0)6 75 54
38 15christine.burke@loreal.com
For more information, please contact your bank, broker or
financial institution (I.S.I.N. code: FR0000120321), and consult
your usual newspapers, the website for shareholders and investors,
www.loreal-finance.com or the L’Oréal Finance app; alternatively,
call +33 (0)1 40 14 80 50.
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Appendix
L’Oréal group sales 2022/2023 (€
million)
|
2022 |
2023 |
First quarter |
9,060.5 |
10,380.4 |
Second quarter |
9,305.8 |
10,193.7 |
First half total |
18,366.3 |
20,574.1 |
Third quarter |
9,575.2 |
10,003.1 |
Nine months total |
27,941.5 |
30,577.2 |
Fourth quarter |
10,319.1 |
|
Full year total |
38,260.6 |
|
1 On a like-for-like basis: based on a comparable structure and
identical exchange rates.
2 Formerly known as the Active Cosmetics Division.
3 SAPMENA–SSA: South Asia Pacific, Middle East, North Africa,
Sub-Saharan Africa.
4 Formerly known as the Active Cosmetics Division.
5 SAPMENA – SSA: South Asia Pacific, Middle East, North Africa,
Sub-Saharan Africa.
LOreal (EU:OR)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
LOreal (EU:OR)
Gráfica de Acción Histórica
De May 2023 a May 2024