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2020-10-22

L'Oréal: News release: "Sales at 30 September 2020"

Clichy, 22 October 2020 at 6.00 p.m.

Sales at 30 September 2020

L’Oréal returns to growth

  • Sales: 20.11 billion euros
    • -7,4% like-for-like 1
    • -6,9% at constant exchange rates
    • -8,6% based on reported figures
  • Growth in the third quarter: +1.6% like-for-like 1
  • Exceptional growth of the Active Cosmetics Division: +15.2% like-for-like 1
  • Power and growth in e-commerce 2: 23.7% of sales, +61.6% 1
  • Strong growth in mainland China: +20.8% like-for-like 1

         

Commenting on the figures, Mr Jean-Paul Agon, Chairman and Chief Executive Officer of L'Oréal, said: 
                                       
“In the context of the ongoing epidemic crisis, L’Oréal’s absolute priority continues to be to protect the health of all its employees worldwide.

The Group was able to return to growth as soon as this third quarter thanks to the determination and the relevance of the strategic choices taken in all Divisions and geographic Zones.  
After a first half marked by a crisis of supply, linked to the closure of points of sale around the world, L’Oréal put everything in place, as early as June, to stimulate demand for its brands and products and to re-engage all its business drivers. All of the launches initially planned went ahead, business drivers and media investments were strengthened, and “Back to Beauty” plans were deployed with our distribution partners everywhere, in brick-and-mortar and e-commerce, to stimulate the return to consumption. This return to growth is evidence of consumers’ robust appetite for beauty products and our innovations. It is also the fruit of the remarkable commitment of all the teams, who were mobilised in all areas of the Group and in all countries.  

All these initiatives enabled us to significantly outperform a beauty market which is still on the road to recovery. The Professional Products Division posted its best quarter in many years, thanks to the reopening of salons and the acceleration of e-commerce. Despite its extensive exposure to the makeup category, the Consumer Products Division returned to growth thanks to a number of commercial operations. L’Oréal Luxe significantly outperformed its market thanks to a very strong launch plan and its unique portfolio of complementary brands. Finally, the Active Cosmetics Division achieved a record quarterly growth, driven by the remarkable success of all its brands. All Divisions were able to seize market opportunities, particularly in the skincare category, where our brands are on the offensive. The teams also harnessed the power of e-commerce 2, which grew at a rate of +61.6% 1.

In geographic terms, North America and all of the new markets returned to growth in this quarter, with remarkable performances in certain countries, such as China and Brazil.  

As a result, in a sanitary environment which remains difficult and uncertain, our performance in the third quarter strengthens our ambition to achieve like-for-like growth for the second half, and to deliver solid profitability.”  


 

Sales at 30 September 2020

Like-for-like, i.e. based on a comparable structure and identical exchange rates, L’Oréal group sales came out at -7.4%.
The net impact of changes in the scope of consolidation was +0.5%.
Growth at constant exchange rates came out at -6.9%.
Currency fluctuations had a negative impact of -1.7%. If the exchange rates at 30 September 2020, i.e. €1 = $1.17, are extrapolated to 31 December, the impact of currency fluctuations on sales would be approximately -2.6% for the whole of 2020.
Based on reported figures, the Group's sales, at 30 September 2020, amounted to 20.11 billion euros, i.e. -8.6%.

Sales by Division and geographic Zone

 

  3rd quarter 2020 At 30 September 2020
    Growth   Growth
  €m Like-for-like Reported €m Like-for-like Reported
By Division            
Professional Products 861.7 +11.0% +5.0% 2,203.4 -10.9% -13.1%
Consumer Products 2,861.8 +0.8% -4.7% 8,712.5 -6.2% -8.6%
L’Oréal Luxe 2,575.6 -6.2% -6.4% 6,957.8 -13.1% -11.9%
Active Cosmetics 737.7 +29.9%
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