PARIS (Reuters) – Cosmetics group L’Oreal reported better than expected first-quarter sales growth on Tuesday, citing strong U.S. and European demand as consumers brushed off concerns about inflation and snapped up high-end beauty products.
Sales for the first three months of 2022 rose 13.5% on a like-for-like basis to 9.06 billion euros ($9.8 billion), with double-digit growth from Europe and North America.
Analysts had expected 10.6% sales growth, according to a consensus estimate cited by Credit Suisse.
($1 = 0.9270 euros)
(Reporting by Mimosa Spencer; Editing by David Goodman)
