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L'Oreal reports H1 double-digit sales growth worldwide
CGTN
An exhibition booth of L'Oreal at the China International Import Expo in Shanghai, China, November 5, 2021./CFP

An exhibition booth of L'Oreal at the China International Import Expo in Shanghai, China, November 5, 2021./CFP

French cosmetics giant L'Oreal reported "exceptional performance" with double-digit sales growth worldwide in the first half of this year, thanks to the recovery of social activities in some leading markets, including China.

The group said in its earnings report on Thursday that its sales revenue for the second quarter reached 9.31 billion euros ($9.46 billion), an increase of 13.4 percent on a like-for-like basis, beating analysts' forecast of 8.9 percent.

In the first half of 2022, the company's sales stood at 18.36 billion euros, rising by 13.9 percent at a constant exchange rate.

Meanwhile, its net profit jumped by 25.3 percent to 3.7 billion euros.

"After two years of the pandemic, consumers confirm their desire to socialize and indulge themselves with innovative and superior beauty products, which in turn is fueling the growth of the beauty market," said Nicolas Hieronimus, CEO of L'Oreal, as quoted in the company's earnings report.

All regions posted double-digit growth, led by strong growth in emerging markets, including Latin America, and "outstanding performance" in China, the company said.

In the Chinese market, the beauty market contracted significantly at the start of the second quarter due to a new round of COVID-19 outbreaks. However, owing to China's robust supply infrastructure and e-commerce sector, L'Oreal said it achieved solid performance with double-digit sales growth in June and its luxury division reaching a historical market share.

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