Feb 16, 2010
L'Oreal sees return to sales, profit growth in 2010
Feb 16, 2010
PARIS, Feb 15, 2010 (AFP) - L'Oreal, the world's biggest cosmetics company, on Monday 15 February forecast a return to sales and profit growth in 2010 after a difficult 2009 when the French group saw its earnings fall by 3.2 percent.
Photo : AFP
"Overall, L'Oreal has emerged from 2009 stronger and has prepared itself well for a return to sales and results growth in 2010," L'Oreal chief executive Jean-Paul Agon said in an earnings statement.
"After a difficult start to the year ... the cosmetics market has gradually improved and ended up slightly positive," he said.
The company's 2009 net profit fell to two billion euros (2.72 billion dollars) from 2.06 billion euros in 2008 while turnover slipped to 17.47 billion euros from 17.54 billion euros.
By market, western Europe shrank 6.3 percent and North America 0.8 percent but Asia grew 12.6 percent, Eastern Europe 11.3 percent and Latin America 11.2 percent.
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