PARIS, France — Sales growth at Maybelline maker L'Oréal was faster than expected in the third quarter, as momentum remained strong in across Asia, its number one market, despite turmoil in Hong Kong.
Luxury goods companies and retailers have felt the pinch following months of street protests in Hong Kong which put off visitors and forced shops to temporarily shut their doors, though some are making up for lost business in mainland China.
L'Oréal, which has done well in recent years thanks in large part to its high-end cosmetics brands like Lancôme, said on Tuesday that third quarter sales were up 11 percent to €7.18 billion ($7.98 billion).
On a like-for-like basis, which strips out currency swings and acquisitions, revenues rose 7.8 percent, largely surpassing the 6.3 percent increase expected by analysts and accelerating from the 6.8 percent growth notched up a quarter earlier.
By Camille Raynaud and Sarah White; editor: Maya Nikolaeva.