Rare drop in sales for L'Oreal due to currency effects

L'oreal East Africa Managing Director Patricia Ithau (L) signs with Interconsumer Products Limited Managing Director Paul Kinuthia (C) at a press conference on April 15, 2013. French cosmetics group L'Oreal on Wednesday posted an unusual fall in sales for its third quarter but said the drop did not affect its targets for 2013. PHOTO/DIANA NGILA

In Summary
In a statement posted on its website, the group said: "The economic context remains subject to some uncertainties about the market trend, and to the negative impact of currencies.
By AFP
More by this Author
PARIS,

French cosmetics group L'Oreal on Wednesday posted an unusual fall in sales for its third quarter but said the drop did not affect its targets for 2013.

Sales for quarter reached 5.48 billion euros, down 0.8 percent over unfavourable exchange rates and a slowdown in demand in North America.

In a statement posted on its website, the group said: "The economic context remains subject to some uncertainties about the market trend, and to the negative impact of currencies.

"But our growth prospects, supported by the innovations and the globalisation of our major brands, combined with a strategy of targeted and complementary acquisitions, enable us to look to the future with confidence."

With solid sales in emerging markets including China, India and Russia, L'Oreal forecast overall growth for this year.

"We confirm our targets for 2013 and our ambition of achieving a further year of growth in sales, results and profitability," the company said.