Strong sales growth: +10.9%

9-month sales: 16.73 billion euros

         +10.9% based on reported figures
         +6.2% excluding currency fluctuations
         +5.6% like-for-like

  • Dynamism of L'Oréal Luxe
  • Strong growth continues in North America
  • Solid growth in New Markets
  • Full-year 2012 targets confirmed

Commenting on these figures, Mr Jean-Paul Agon, Chairman & CEO of L'Oréal, said: 

"The quarter confirms the good growth in our sales observed since the start of the year. In a market which reflects highly contrasting trends in different geographic zones and distribution channels, L'Oréal is maintaining its course.

Despite the market slowdown observed in Asia and in Travel Retail, L'Oréal Luxe is proving highly dynamic, thanks to the vitality of its brands and major launches such as "La vie est belle" by Lancôme.
The Consumer Products Division is recording solid growth quarter after quarter, and Active Cosmetics is accelerating, driven by its international expansion.

In geographic terms, L'Oréal is continuing its conquests in North America, and in the New Markets. In Asia, the group continues to grow faster than the market. Eastern Europe is gradually recovering, and Latin America is accelerating. The figure for Western Europe reflects good performances in several major countries, and the difficult situations in the southern countries.

Overall, in the current economic environment, the group is outperforming its market, thanks to the quality and diversity of its brand portfolio, and its innovation power.

We confirm our targets for 2012, and our ambition to achieve another year of growth in sales, results and profitability."

A - Sales at September 30, 2012

Like-for-like, i.e. based on a comparable structure and identical exchange rates, the sales trend of the L'Oréal group was +5.6%.
The net impact of changes in consolidation was +0.6%.
Currency fluctuations had a positive impact of +4.7%.
Growth at constant exchange rates was +6.2%. If current exchange rates (basis €1=$1.2907) are extrapolated up to December 31, the impact of currency fluctuations would be +4.3% for the whole of 2012.
Based on reported figures, the group's sales, at September 30th, 2012, amounted to 16.732 billion euros, an increase of +10.9%.

Sales by operational division and geographic zone


3rd quarter 2012At September 30, 2012
By operational division







Professional Products737.50.1%7.0%2,260.92.0%7.2%
Consumer Products2,654.64.9%10.9%8,099.84.8%9.0%
L'Oréal Luxe 1,399.96.6%16.7%4,051.59.1%17.4%
Active Cosmetics345.45.6%8.4%1,196.15.5%7.2%
Cosmetics total 5,137.44.7%11.7%15,608.35.5%10.7%
By geographic zone      
Western Europe1,757.4-0.6%1.4%5,594.60.4%1.7%
North America1,350.57.1%22.8%3,921.77.2%19.4%
New Markets, of which:2,029.58.1%14.9%6,092.09.5%14.4%
-   Asia-Pacific1,067.07.3%19.1%3,197.910.7%20.9%
-   Eastern Europe325.75.4%7.9%1,023.83.9%4.3%
-   Latin America470.111.4%10.2%1,351.99.4%7.5%
-   Africa, Middle East166.79.6%17.2%518.314.7%17.9%
Cosmetics total 5,137.44.7%11.7%15,608.35.5%10.7%
The Body Shop191.15.1%15.3%565.05.3%12.3%
Group total5,519.34.6%11.8%16,732.45.6%10.9%

(1) Group share, i.e. 50%.

1) Cosmetics sales


At September 30, the Professional Products Division posted growth of +2.0% like-for-like, and +7.2% based on reported figures. The market in Western Europe was tougher during the 3rd quarter, but the division is continuing its roll-out in the New Markets.

Kérastase, the unrivalled benchmark for luxury professional haircare, is being bolstered by Cristalliste and by the launch of Elixir Ultime Les Grands Crus, a range of perfumed hair oils.
L'Oréal Professionnel is continuing the worldwide roll-out of Inoa hair colourant with ODS 2 technology.
Redken unveiled Smooth Lock, the first professional semi-permanent blow-dry service.
Matrix continued to expand in the New Markets, with accessible ranges such as in India and Socolor.Beauty in Indonesia.
Essie is being rolled out in nail bars worldwide.

In geographic terms, the division is consolidating its position in Western Europe and in the United States, in markets that have been affected by a drop in the number of hair salon visits.
The New Markets are supporting the division's growth, particularly in India, China, Indonesia, Russia, Poland, Ukraine and the Gulf states.


The Consumer Products Division achieved sales growth at end-September of +4.8% like-for-like and +9.0% based on reported figures. The division continues to make market share gains in Western Europe and in North America.

L'Oréal Paris continued its conquests with Elvive Triple Resist enriched with Arginine and launched Elvive ExtraOrdinary hair oil and Revitalift Triple Power LZR facial skincare, with highly concentrated Pro-Xylane.
Garnier is confirming its facial skincare successes, and has made a breakthrough with Olia, the first mass-market permanent hair colourant to feature ammonia-free ODS 2 technology.
Maybelline is innovating in the mascara segment with Volum' Express the Mega Plush, a gel-mousse mascara which combines volume, comfort and softness.
Driven by the fashion for colour, Essie is continuing its internationalisation process in the mass-market segment.

In Western Europe, in a sluggish market, the division is strengthening its positions through haircare and facial skincare, particularly in France, the United Kingdom, Germany and in Northern Europe. The southern countries are still proving difficult in a depressed market context.
In North America, the division reinforced its positions in a market which is growing slightly.
Activity in Eastern Europe is improving, with the rebound of Garnier in facial skincare and hair colourants.
Latin America is accelerating, thanks to the strong growth of Maybelline and the success of Elvive Triple Resist enriched with Arginine.
Asia-Pacific is posting good scores in China, India, Thailand and Indonesia.
The Africa, Middle East zone is continuing its roll-out, driven by the Gulf states and Turkey.


L'Oréal Luxe sales grew at end-September by +9.1% like-for-like and +17.4% based on reported figures, thanks in particular to the acquisition of Clarisonic. In a market which has slowed slightly, L'Oréal Luxe is continuing to win market share worldwide, thanks to its innovations, and its increasingly high-end customer experience.

Lancôme continued to grow strongly, thanks in particular to the launch of the fragrance La Vie est Belle, with Julia Roberts as its ambassador. The brand is still making strong progress in anti-ageing skincare with Visionnaire, Absolue L'Extrait, and now Génifique Yeux Light Pearl.
Yves Saint Laurent is launching Manifesto, its new women's fragrance, and is continuing its success in facial skincare with Forever Youth Liberator, and in make-up with Teint Touche Eclat.
Giorgio Armani is consolidating its men's fragrance business with Acqua di Gio Essenza.
Kiehl's is growing strongly on all continents.
Biotherm launched Blue Therapy skincare, which symbolises its new "Beauty from the deep" message.
The Designer Fragrance brands, particularly Viktor & Rolf, are maintaining their momentum.
Clarisonic, acquired in December 2011, is continuing its very rapid expansion in the United States, and is starting up operations in France.

In Western Europe, where the market is sluggish, the division is advancing, thanks to the dynamism of its major brands and the success of the Designer Fragrances, such as Diesel Only the Brave Tattoo.
In North America, L'Oréal Luxe is winning market share with Clarisonic, Ralph Lauren, Yves Saint Laurent, Kiehl's and Viktor & Rolf.
In the New Markets, the division's growth continues to be strong and higher than the market trend, particularly in Asia and the Middle East. Kiehl's is building up its sales substantially in Japan, following on from its successes in South Korea and China. In Asia, Lancôme continued to prove dynamic, and this was also the case for Yves Saint Laurent.
In the Middle East, Giorgio Armani is advancing with its premium perfume line Armani Privé.
In Latin America, Kiehl's is continuing its roll-out in Brazil, and Ralph Lauren is improving its positions.
In Travel Retail, in a market which, as expected, is decelerating, the division is maintaining its leadership.


At end-September, the Active Cosmetics Division posted sales growth of +5.5% like-for-like and +7.2% based on reported figures. The division achieved slight growth in Western Europe and is continuing to accelerate in North America.

La Roche Posay is performing well in all geographic zones, bolstered by the success of its whole catalogue.
Vichy is confirming its recovery, with a new advertising campaign and the successful launch of Idéalia.
Roger&Gallet is continuing its global roll-out with the success of its new fragrance, Rose imaginaire, and SkinCeuticals, which is expanding in international markets, while remaining extremely dynamic in the United States.
 At the end of September, all the geographic zones have achieved growth. In Western Europe, the division is winning market share. North America is accelerating, particularly in the United States, thanks to the opening of new sales outlets at Walgreens.
The New Markets remain dynamic, despite the slowdown in Asia.

Multi-division summary by geographic zone


At end-September, the market in Western Europe reflects highly contrasting trends: growth rates in Southern Europe are negative, while in the other countries in this zone growth is slightly positive. Against this background, L'Oréal is making market share gains, and recorded growth of +0.4% like-for-like and +1.7% based on reported figures, driven by good performances in France, the United Kingdom, Germany and Travel Retail.


At September 30, 2012, L'Oréal recorded growth in North America of +7.2% like-for-like, and +19.4% based on reported figures.
The good performance of L'Oréal Luxe reflects the successes scored by Clarisonic, Kiehl's, Yves Saint Laurent and Viktor & Rolf. The Consumer Products Division is continuing to make market share gains thanks to good performances in hair products, Garnier facial skincare and L'Oréal Paris and Essie make-up. The Active Cosmetics Division is continuing to extend its distribution.


At end-September 2012, the New Markets recorded growth of +9.5% like-for-like, and +14.4% based on reported figures.

  • Asia-Pacific: At end-September, L'Oréal posted growth in Asia-Pacific of +10.7% like-for-like and +20.9% based on reported figures. Despite a market slowdown in the luxury channel in South Korea, Taiwan as well as Travel Retail, the group is still proving dynamic and is making market share gains, particularly thanks to Lancôme, Kiehl's and Yves Saint Laurent. In Consumer Products, Maybelline is contributing to the group's growth in the ASEAN markets, particularly in Indonesia and Thailand, and in China and India. Kérastase and La Roche Posay are driving the growth of their respective divisions, Professional Products and Active Cosmetics.
  • Eastern Europe: With sales growth at +3.9% like-for-like and +4.3% based on reported figures, the group's recovery is continuing in Eastern Europe, particularly in Russia and Ukraine. In this zone, the Professional Products Division is performing well, and is continuing its conquest of new hair salons. In Consumer Products, Color Sensation hair colourant and Garnier BB Cream are continuing to prove successful, and the same is true of L'Oréal Paris haircare.
  • Latin America: At September 30, 2012, the Latin America zone recorded growth of +9.4% like-for-like, and +7.5% based on reported figures. The L'Oréal Luxe and Active Cosmetics divisions are enjoying good momentum, and the Consumer Products Division is accelerating, driven by the upturn in Brazil and Argentina. Maybelline make-up is proving very dynamic, in particular with its Fit Me foundation. The success of L'Oréal Paris with Elvive Triple Resist enriched with Arginine is continuing. At Garnier, the Nutrisse Cor Intensa hair colourant mini-kit has made a promising start.
  • Africa, Middle East: At the end of the 3rd quarter 2012, the Africa, Middle East zone recorded growth of +14.7% like-for-like and +17.9% based on reported figures, driven by the Consumer Products Division and the success of prestige fragrances at L'Oréal Luxe. The group is continuing its rapid roll-out in this zone, particularly in the Gulf states, Turkey and Egypt. Following the subsidiary in Kenya, a new subsidiary has been set up in Saudi Arabia, a market with strong potential.

2) The Body Shop

At the end of September, The Body Shop recorded like-for-like sales growth at +5.3%.

The Body Shop is growing strongly in the New Markets, especially in the Middle East and in South East Asia. In the mature markets, the brand is feeling the impact of the tougher economic environment in Southern Europe, but maintains a solid performance in the rest of Europe.

The brand has launched several important innovations such as BB Cream All-in-One, a one-of-a-kind texture which transforms on application, as well as Pore Minimiser in its iconic Tea Tree range featuring Community Fair Trade organic tea tree oil from Kenya.

The Body Shop continues to recruit new customers particularly through the rapid development of its e-commerce channel, with 20 sites now live. The brand is rolling out its innovative Pulse boutique concept globally, focused on story-selling and a unique and interactive consumer experience.

At September 30, 2012, The Body Shop has a total of 2,787 stores.

3) Galderma sales

Despite increased competitive intensity from generic competition, Galderma recorded sales at September 30, 2012, up by +8.2% like-for-like and +16.7% based on reported figures.

With regard to the prescription business, increased competition from generics to several of Galderma's mature brands (Differin, Clobex, Loceryl, Tetralysal and MetroGel) undermined the growth from newer innovative products such as Epiduo and Oracea, both of which are on track to deliver record performances in 2012.

The non-prescription drug business delivered strong results for the quarter and the medical Aesthetic & Corrective business continued to gain market share, led by the Restylane dermal filler franchise and Azzalure, the muscle relaxant. 

In geographic terms, growth in Asia and Latin America was particularly robust and was partially offset by results from Europe.

B - Important events during the period 7/1/12 to 9/30/12

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.

"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 Internet site
This news release may contain some forward-looking statements. Athough the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements."

Contacts at L'ORÉAL

Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel.: +33 1 47 56 83 02
[email protected]  

Financial analysts and institutional investors
Mrs Françoise LAUVIN
Tel.: +33 1 47 56 86 82
[email protected]  
Tel.: +33 1 47 56 76 71
[email protected]  

Tel.: +33 1 47 56 70 00

For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, and the Internet site for shareholders and investors,, or its mobile version on your cell phone,; alternatively, call +33 1 40 14 80 50.

C – Appendix

L'Oréal group sales 2011/2012 (€ millions)
First quarter:  
The Body Shop170180
   First quarter total5,1605,643
Second quarter:  
The Body Shop168194
   Second quarter total4,9895,570
First half:  
The Body Shop337374
   First half total10,15011,213
Third quarter:  
The Body Shop166191
   Third quarter total4,9385,519
Nine months:  
The Body Shop503565
   Nine months total15,08716,732
Fourth quarter:  
The Body Shop264 
   Fourth quarter total5,256 
Full year  
The Body Shop768 
   Full year total20,343 

Read the news release in a PDF file (<1Mo)