French cosmetics and beauty products retailer L’Oreal reported a 4.8% increase in 2013 earnings and said it’s confident of outperforming the global cosmetics market this year. The company’s operating income rose to $5.3 billion.
“We are starting 2014 with confidence,” asserts L’Oreal chairman and CEO Jean-Paul Agon. L’Oreal’s fourth-quarter sales gained 5.4%, excluding acquisitions, disposals and currency shifts, beating analysts’ estimates for 4.7% growth. Like-for-like sales climbed 1.6% in Western Europe, 3.7% in North America and 9.4% in new markets, led by Africa and the Middle East. The company’s net income in the 12 months through December increased to $4.03 billion from $3.91 billion in 2012.
While sales advanced more than analysts estimated at L’Oreal’s professional products, luxury and Body Shop units, they were weaker than predicted at the consumer-products division.
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