1st quarter 2002 sales: 3.7 billion euros. An increase of 9.3%

The consolidated sales of L'OREAL, up to 31st March, 2002, reached € 3.7 billion. Sales growth compared with the 1st quarter 2001 was +9.3%.

Exchange rate fluctuations had a positive impact of 1.3%. Growth excluding exchange rate fluctuations was thus 8%.

The net effect of changes in the consolidation structure
was -0.5%.

On a like-for-like basis, i.e. with an identical structure and exchange rates, the group's consolidated sales growth would have been 8.5%.

Sales growth in each of the group's two main branches was as follows:
  consolidated figures excl. exchange rate fluctuations
Cosmetics +9.6% +8.3%
Dermatology +27.7% +24.5%
Total (1) +9.3% +8%
(1) including "Miscellaneous businesses".