PARIS, France — Maybelline make-up manufacturer L'Oreal on Thursday posted a 5% fall in comparable first-quarter revenue, after lockdowns in China and elsewhere to fight the coronavirus pandemic hit demand and sparked store closures.
The French firm — the world's biggest cosmetics company, which is also home to brands like Lancome — said sales in the January to March period stood at €7.2 billion (about $7.8 billion), down 4.3 percent on a reported basis from a quarter earlier.
That marked a 4.8 percent drop like-for-like, which strips out the effects of acquisitions and currency swings, and broadly in line with L'Oreal's latest guidance.
The company said online sales had surged in the first quarter, while demand in China had begun to pick up again as coronavirus restrictions there are eased.
By Sarah White; Editor: Richard Lough