L'Oreal profits up in pro and luxury products
This article was originally published in The Rose Sheet
Executive SummaryFor first six months ended June 30, 2010, French beauty firm's gross profits increased 11.9% to €6.9 bil. ($8.8 bil.) compared with same period a year ago. Operating profits rose 21.4% to €1.7 bil. ($2.2 bil.), while net profit climbed 16.5% to €1.4 bil. ($1.8 bil.) L'Oreal attributes increases to higher sales, reduction in inventory and distribution costs, and control of expenses. Improvements "reflect the efforts made over the last two years to achieve a thorough transformation, and have enabled increased investments in R&D and in the advertising and promotion business drivers which are paving the way for the future," CEO Jean-Paul Agon states in Aug. 25 earnings release. Operating profit in the professional products division was up 24% to €288.2 mil. ($367.1 mil.) on growth of hair colorants, including expanded Inoa and SoColor Beauty by Matrix. Luxury products division's operating profit was up 50% to €377.9 mil. ($481.4 mil.) Last month, firm reported sales of €9.6 billion ($12.2 billion) for first half of the year, up 10.2 percent from prior-year period (1"The Rose Sheet" July 19, 2010)
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