L'Oréal has presented its figures for the first quarter of the 2024 financial year. The French group reported a turnover of 11.245 billion euros, an increase of 8.3% compared to the same period last year, as published by the company itself.
L'Oréal's revenues increased by 9.4%. L'Oréal also indicated that first-quarter sales generated a positive impact of 130 million euros due to improved IT systems in North America.
The French group has broken down sales by segment and the one that has experienced the highest growth with more than 9% has been consumer products, exceeding 4.17 billion euros, and luxury products which has achieved a figure of 3.8 billion euros, up 2.2% compared to last year. The dermo-cosmetics or dermatological beauty segment accounted for almost 20% of sales, with more than 2,000 million euros.
In terms of geographic areas, sales in Europe reported an increase of 12.2% to €3,733 million. In North America, sales reached €3,015 million, up almost 12% compared to the previous year. L'Oréal is also pleased with sales in Africa, South Asia and the Middle East, which together generated more than 960 million euros, and in Latin America, a total of 812 million euros.
Nicolas Hieronimus, CEO of L'Oréal explained that they are optimistic about the future: "2024 is off to a good start, with like-for-like growth of 9.4%, which perfectly illustrates the power of our unique model in the world". Hieronimus foresees a year of economic and sales growth.
In 2023, L'Oréal presented its results for the financial year and confirmed its third consecutive year of growth. The French group had a turnover of 41,183 million euros for the whole of 2023, an increase of 7.6% compared to the previous year. The group has also started the year by pursuing its strategy of investing in biotech start-ups that will enable it to offer more innovative products and formulas to its consumers.