L’Oréal's Q1 fiscal 2023 group sales totaled 10,380.4 million euros, a jump of 13.0% in like-for-like terms and a rise of 14.6% in reported terms. Makeup was a standout category for the period.
The dermatological beauty sector grew nearly 31% year-over-year (like-for-like) to 1,685.7 million euros, driven by rising sales in Europe and in emerging markets, La Roche-Posay's success in sun care and the relaunch of Cicaplast. Also powering results were CeraVe, SkinCeuticals and newly acquired SkinBetter Science.
The consumer products division grew nearly 15% year-over-year (like-for-like), totaling 3,821.5 million euros, driven by strength in Europe and North America, India, Mexico, Brazil, and Thailand. The division was powered by makeup, the fastest growing category, including launches like the Telescopic Lift Mascara by L’Oréal Paris, Bare With Me Blur Tint foundation by Nyx Professional Makeup, and the “nude” extension of Maybelline New York’s lipstick Superstay Vinyl Ink.
The consumer products division also benefited from the success of Elvive Bond Repair by L’Oréal Paris, L’Oréal Paris’ new Revitalift Clinical Vitamin C Serum and Garnier’s new anti-acne innovations. Hair color also achieved significant growth, per the company.
The professional products sector grew 7.6% year-over-year (like-for-like), totaling 143.6 million euros, driven by notable growth in mainland China, India and the United Kingdom. Other drivers included Kérastase's Symbiose anti-dandruff range and Série Expert by L’Oréal Professionnel, with Metal Detox. Also contributing to growth were Shades EQ Gloss by Redken and Inoa by L’Oréal Professionnel.
Finally, the luxe division grew 6.5% year-over-year (like-for-like), totaling 3,729.6 million euros. Mainland China dragged on North Asia results, while all other regions grew, particularly North America's makeup sector. Fragrance results were driven by Valentino's Born In Roma, Mugler's Angel Elixir, and Prada's Luna Rossa Ocean and Paradoxe. Skin care results were boosted by Helena Rubinstein and Takami.
Luxe results do not yet reflect the acquisition of Aēsop.
“In a beauty market that remains very dynamic, L’Oréal has maintained strong growth momentum and posted an excellent first quarter, with sales up 13.0% like-for-like and 14.6% reported," said Nicolas Hieronimus, CEO of L'Oréal. "Boosted by valorised innovations in all divisions and the engagement of our teams around the world, L’Oréal has outperformed the market in all geographic zones and strengthened its leadership position. This performance, which has yet to benefit from China’s reopening, demonstrates the strength of L’Oréal’s balanced multipolar model. I am thrilled to soon welcome the magnificent Aēsop brand and its teams, which will reinforce L’Oréal luxe. Mindful of the current uncertainties, we remain optimistic about the outlook for the beauty market, ambitious for the future and confident in our ability to keep outperforming the market and achieve another year of growth in sales and profits in 2023.”
