L'Oreal posts strong sales growth in 2010

08:52, February 11, 2011      

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French cosmetics giant L'Oreal posted a strong sales growth in its 2010 results on Thursday, presenting a confident vision for the new year.

L'Oreal recorded a turnover of 19.5 billion euros (26.5 billion U.S. dollars) in 2010, a rise of 5.6 percent over 2009. Its net profit in 2010 stood at 2.24 billion euros, up by 25 percent from a year earlier.

"The group advanced in all zones, all channels and all business segments; more dynamic than the market, it bolstered its position as the world number one in beauty," commented Jean-Paul Agon, the new chairman and CEO of L'Oreal, who succeeded Lindsay Owen-Jones.

According to the French group's yearly results, it recorded growth in Western Europe while significantly improved its position in North America with prominent "conquest" particularly in Asia and Latin America.

With a turnover of over one billion euros, L'Oreal China in 2010 has become the third biggest subsidiary of the cosmetics group.

"Supported by an encouraging start to the year, we are confident in the group's ability to achieve a new year of sales and profit growth in 2011," Agon added.

The group "has signed in 2010 a beautiful performance," commented the dimissory chairman Owen-Jones, who will totally transfer his responsibilities to Agon on March 17th.

French media mostly regarded the power transfer formally announce on Thursday a "new era" and "new page" for L'Oreal, in line with what Agon described as "a new chapter" in the group's history.

Source: Xinhua
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