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LVMH MO╦T HENNESSY LOUIS VUITTON SE

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L'Oreal boosted by sales of makeup and perfumes as lockdowns ease

07/29/2021 | 12:48pm EDT
FILE PHOTO: A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice

PARIS, July 29 (Reuters) - Maybelline owner L'Oreal on Thursday said sales growth had accelerated in the second quarter partly due to resurging makeup sales in the United States as COVID-19 lockdowns ease, and salons used more professional products.

High-end fashion labels have benefited from booming Chinese and U.S. demand in recent quarters, helping revenues at luxury goods groups like LVMH bounce back, and L'Oreal posted similar trends as vaccination campaigns progress and people begin to socialise more.

The French group, which also owns brands like Lancome and makes Armani cosmetics, said sales of high-end perfumes were on the rise, while makeup revenues, which have been struggling for several years, were recovering.

New Chief Executive Nicolas Hieronimus, a L'Oreal veteran who took the helm in May, told Le Figaro newspaper that cosmetics and fragrances sales had yet to recover to pre-2020 levels, although the group's overall revenues are now growing versus 2019.

Some of the L'Oreal divisions which have faltered compared to others, such as the consumer goods unit that houses products sold in supermarkets, benefited from the makeup uptick. The professional products division that sells to hair salons also posted a big revenue jump.

L'Oreal had relied on its e-commerce business during lockdowns last year to reach consumers, who lapped up hair care treatments and skin creams, but store closures hurt sales.

Overall group sales reached 7.6 billion euros ($9.03 billion) in the second quarter, growing by 33.5% when stripping out currency swings and acquisitions. That was up from 10.2% like-for-like sales growth in the previous three months, and beat a consensus for 27.5% growth cited by Credit Suisse.

Hieronimus said in a statement there would be more product launches in the second half of 2021.

Operating margins rose to 19.7% of sales by the end of the first half, with operating profit up 26.8% to 3 billion euros. ($1 = 0.8418 euros) (Reporting by Sarah White; Editing by Mike Harrison and Lisa Shumaker)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHRISTIAN DIOR SE -1.22% 649 Real-time Quote.42.76%
L'ORÉAL -2.30% 378.35 Real-time Quote.21.73%
LVMH MOËT HENNESSY LOUIS VUITTON SE -1.71% 642.9 Real-time Quote.25.84%
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Analyst Recommendations on LVMH MO╦T HENNESSY LOUIS VUITTON SE
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Financials
Sales 2021 61 337 M 71 887 M 71 887 M
Net income 2021 10 483 M 12 287 M 12 287 M
Net Debt 2021 12 717 M 14 904 M 14 904 M
P/E ratio 2021 30,9x
Yield 2021 1,25%
Capitalization 324 B 379 B 380 B
EV / Sales 2021 5,49x
EV / Sales 2022 4,87x
Nbr of Employees 148 343
Free-Float 52,2%
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 642,90 €
Average target price 730,66 €
Spread / Average Target 13,6%
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Managers and Directors
Bernard Arnault Chairman & Chief Executive Officer
Jean-Jacques Guiony Chief Financial Officer
Charles de Croisset Independent Director
Diego della Valle Independent Director
Yves-Thibault de Silguy Independent Director
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