L'Oréal Reports Robust Q3 and 9-Month Results Fueled by Dermatological Beauty and Consumer Products

L'Oréal's Q3 2023 results showcase impressive performance, driven by Dermatological Beauty and Consumer Products. Sales for the third quarter reached 10,003.1 million euros, marking an 11.1% year-over-year increase in like-for-like terms. The growth story continues for the first nine months, with sales surging by 12.6% year-over-year to reach a total of 30,577.2 million euros.

All divisions demonstrated growth, with L’Oréal Dermatological Beauty leading the charge, boasting a remarkable 28.1% year-over-year increase in Q3 (like-for-like), and an equally impressive 28.7% growth for the first nine months. Consumer Products also delivered robust results, with Q3 sales surging by 13.4%, and nine-month sales registering a significant 14.5% increase.

In addition, Luxe sales showed resilience, posting a 3.2% increase in Q3 and a steady 6.1% growth for the first nine months. Professional Products, too, demonstrated solid performance, with an 8.7% increase in Q3 and an 8.0% growth for the first nine months.

The impressive growth extended to both online and offline sales, with double-digit year-over-year increases.

The company noted a resurgence in mainland China and Japan, which offset the softness in travel retail, impacting North Asia results.

Nicolas Hieronimus, CEO of L'Oréal, expressed his pride in the company's performance over the first nine months. He highlighted the dynamic nature of the beauty market and L’Oréal's sustained global leadership. Despite the slower recovery in the mainland Chinese beauty market and challenges in Asian travel retail, L’Oréal maintained its double-digit growth pace. This achievement was attributed to the company's extensive regional presence, a successful innovation pipeline, and the ability to swiftly allocate investments to high-growth areas. Despite ongoing economic and geopolitical uncertainties, L'Oréal remains confident in its capacity to outperform the market, expecting another year of sales and profit growth in 2023. The company retains an optimistic outlook for the beauty market and maintains ambitious plans for the future.