Good Growth Dynamics Sales: 10.15 billion euros
      +5.0% based on reported figures
      +5.2 % like-for-like
      +5.9 % excluding currency fluctuations
Strong growth in Asia and Latin America Sustained growth in North AmericaStrong dynamism of Luxury Products DivisionSolid performance in Consumer Products DivisionFull-year 2011 targets confirmed

Commenting on the figures, Mr Jean-Paul Agon, Chairman and CEO of L'Oréal, said:

"Performance in the first half of 2011 confirms the group's good growth dynamics, in a market that reflects contrasts across distribution channels and geographic zones.

In the divisions, Luxury Products are performing well, bolstered by Lancôme, Giorgio Armani and Kiehl's, which are all proving remarkably robust. Consumer Products are recording solid growth, with the global conquests of Maybelline and L'Oréal Paris. The Professional Products and Active Cosmetics Divisions are posting more modest performances in less positive markets.

In geographic terms, L'Oréal is continuing to make inroads into the major strategic markets of Asia and Latin America, and is achieving sustained growth in North America. In Western Europe, where there are contrasting trends in different countries, the group is consolidating its positions. After several years of growth, the sales trend in Eastern Europe is disappointing in all the countries of this zone, particularly in Russia and Ukraine.

With an overall favourable global market trend, boosted by a rich programme of initiatives in the second half across all divisions, we are tackling the second half of the year with confidence.

We can confirm our goal of outperforming the market in 2011, and achieving another year of growth in both sales and profits".

A - First-half 2011 sales

Like-for-like, i.e. based on a comparable structure and identical exchange rates, the sales growth of the L'Oréal group was +5.2%.
The net impact of changes in consolidation was +0.7%.
Currency fluctuations had a negative impact of -0.9%. If the exchange rates at the end of June, i.e. €1 = $1.447, are extrapolated up to December 31, the impact of currency fluctuations on sales would be approximately -2.2% for the whole of 2011.
Growth at constant exchange rates was +5.9%.
Based on reported figures, the group's sales at June 30, 2011 amounted to 10.15 billion euros, an increase of +5.0%.

Sales by operational division and geographic zone


2nd quarter 2011 1st half 2011


 Growth  Growth 



By operational division







Professional Products


Consumer Products


Luxury Products


Active Cosmetics


  Cosmetics total


By geographic zone


Western Europe


North America


New Markets, of which:


-   Asia, Pacific


-   Eastern Europe


-   Latin America


-   Africa, Middle East


Cosmetics total


The Body Shop




Group total


 (1) Group share, i.e. 50%.


1) Cosmetics sales


The Professional Products Division posted growth of +2.1% like-for-like and +4.2% based on reported figures in the first half of 2011 (after taking into account the impact of currency fluctuations and of changes in consolidation due to the acquisition of distributors in the United States). In a professional market reflecting sharp contrasting trends, the division strengthened its worldwide leadership, thanks to its growth in the New Markets, and the continuing conquest of hair salons in Europe.

  • At L'Oréal Professionnel, Inoa is now recognised as the new market standard for hair colourants. In haircare, Absolut Repair Cellular, a range of products enriched with lactic acid, and Mythic Oil, are proving highly successful. At Kérastase, Elixir Ultime has become the flagship product in the hair oil market. Redken is reinforcing its leadership in hair colourants with Shades EQ Cream and Matrix is launching Total Results, a range of professional haircare products at accessible prices.
  • The division is slightly outperforming the market in North America and Western Europe, where the context remains difficult. In the New Markets, which are still proving dynamic, the division is making progress, particularly in hair colourants.
  • The division is launching, the first website to focus on the inspiration behind the hairdressing profession, and on exchanges between hairdressing professionals.


The Consumer Products Division, achieved sales growth of +5.2% like-for-like, and +4.5% based on reported figures. Maybelline is confirming its dynamism and L'Oréal Paris is accelerating.

  • L'Oréal Paris confirmed the success of its Lash Architect 4D mascara, Sublime Mousse hair colourant and Elsève Volume Collagen shampoo. The launch of Revitalift Total Repair 10 skincare is very promising.
    Maybelline is performing well in all countries, particularly in Asia thanks to the BB Cream and Clear Smooth initiatives.
    Garnier, after good starts for Fructis Pure Clean shampoo and Intensive 7 Days body lotion, is continuing its initiatives with Fructis anti-dandruff, anti-bacteria shampoo.
  • In Western Europe, in a flat market, the results are very encouraging in France, Germany and the Northern countries. In Greece and Portugal the difficulties are continuing.
    In North America, the division produced a very good performance, with significant market share gains.
    Eastern Europe has suffered a setback linked to the dismal economic environment, and partly to the phasing of business activity, particularly for Garnier.
    Latin America, in a lively market, is recording good results thanks to L'Oréal Paris hair colourants and haircare, along with Garnier deodorants.
    The markets are also buoyant in Asia excluding Japan, where the division is winning market share: Maybelline has proven particularly dynamic in this zone.


The first half sales of the Luxury Division increased by +8.5% like-for-like and by +6.9% based on reported figures. Sell-out trends are dynamic, particularly in Asia, the United States and in Travel Retail.

  • Lancôme is expanding in all categories, with the launch of Absolu Nu lipstick and the success of Teint Miracle in make-up, Génifique and Rénergie Multiple Lift Yeux in facial skincare, and Trésor in Love in fragrances.
    Giorgio Armani is performing extremely well, reflecting the scores of its emblematic fragrances, the confirmed success of Acqua di Gioia and the launch of Code Sport. The skincare line Régénessence, a strategic launch, is confirming its good start.
    Yves Saint Laurent is consolidating its positions in make-up and in men's fragrances with L'Homme and La Nuit de L'Homme.
    Kiehl's is continuing its very strong growth worldwide, thanks to its unique positioning and the success in skincare of Rosa Arctica, and Double Strength Deep Wrinkle Filler.
    Ralph Lauren and Viktor & Rolf are confirming their international dynamism.
  • In Western Europe, Yves Saint Laurent and Kiehl's posted very good sell-out figures. In the first half, sales take into account an insurance benefit of 13.5 million euros received to offset the loss of sales resulting from partial damage which occurred in our Luxury Division dispatching centre.
    In the dynamic North American market, the division's sales have been bolstered by Lancôme, Kiehl's, Viktor & Rolf and Giorgio Armani.
    In the New Markets, the division's growth is still very strong, particularly in Asia (South Korea, China, Taiwan and Hong Kong). Growth in this zone is bolstered by Lancôme, Kiehl's, Giorgio Armani and Shu Uemura. The division's sales are also growing substantially in Travel Retail and in Latin America.


The Active Cosmetics Division delivered first-half growth of +3.2% like-for-like and +3.2% based on reported figures, driven by its successes in Latin America, and the worldwide advances of La Roche-Posay.

  • La Roche-Posay is expanding on all continents in facial skincare in general, and was particularly successful with the launches of Tolériane Ultra and Substiane[+], and the Anthélios with Mexoplex® sun protection range. At Vichy, the Capital Soleil range of sun protection products is recording good scores. SkinCeuticals and Roger&Gallet are successfully continuing their internationalisation.
  • In Western Europe, there are contrasting trends: La Roche-Posay, Roger&Gallet and SkinCeuticals are posting good growth rates, but the trend at Vichy is less dynamic.
    Growth in the New Markets is very strong in Latin America, and lively in Asia and in the Africa, Middle East zone. The pharmacy channel is experiencing difficulties in Eastern Europe.

Multi-division summary by geographic zone


In a globally flat market, L'Oréal achieved growth of +0.8% like-for-like and +1.4% based on reported figures, thanks to good scores in France, Germany and Northern Europe, and in Travel Retail. The situation is tougher in the countries of Southern Europe, particularly Greece and Portugal.


In the first half, North America achieved good like-for-like growth at +5.8%, in an expanding market. The Luxury Products Division made a very good start to the year, thanks in particular to the rebound at Lancôme and another period of strong growth for Kiehl's and for fragrances. The Consumer Products Division is making clear market share gains in haircare, facial skincare and make-up. The sales growth at Essie augurs well for the future.


In the first half, the New Markets recorded like-for-like growth of +10.1%. There is a contrast between growth rates in Asia and Latin America on the one hand, whose strong dynamism has been confirmed, and Eastern Europe on the other, now seeing a sharp slowdown.

  • Asia, Pacific: Despite the disaster in Japan and its consequences, in the first half, the group still recorded good growth figures of +13.0% like-for-like and +13.5% based on reported figures. If Japan is excluded, growth in this zone came out at +16.1% like-for-like and +15.6% based on reported figures. L'Oréal is continuing to win market share across the whole of the Asia, Pacific zone.
    The Luxury Products Division recorded very positive growth in China, South Korea, Hong Kong and Taiwan, thanks in large part to Lancôme, Kiehl's and Shu Uemura which are very clearly improving their positions in dynamic markets.
    The Consumer Products Division is expanding thanks to accessibly priced innovations which are enabling it to extend its distribution, primarily in India, China, and the emerging countries of the South-East, such as Indonesia, Thailand and the Philippines.
  • Eastern Europe: After several years of sustained growth, the zone's like-for-like growth came out at -3.4% in a dismal economic environment, where consumer confidence and market dynamism proved more difficult than expected, particularly in mass-market and the pharmacy channel. Furthermore, in this zone, launch phasing tends to be focused on the final months of the year.
  • Latin America: Growth was very strong in Latin America in the first half at +17.3% like-for-like, with very dynamic trends in all countries, except Venezuela, and across all divisions.
  • Africa, Middle East: The Africa, Middle East zone posted growth of +10.1% like-for-like in the first half. Turkey and the countries of the Levant are the main growth drivers. The new subsidiaries in Pakistan and Egypt are developing well. Conversely, the pace of growth in South Africa remains modest.

2) The Body Shop sales

At end June, The Body Shop sales recorded like-for-like growth at +2.6%. Retail sales(1) are at +2.0%.

The Body Shop pursued its expansion programme in the New Markets, accelerated the pace of its growth in e-commerce and further boosted its visibility in Travel Retail.  The brand is delivering strong growth in the Middle East, Eastern Europe and Southern Asia. Western Europe remains constricted by local economic influences.

The Body Shop is bolstering its militant approach to innovations, with launches including Brush with Fashion, a Cruelty Free limited edition make-up range and Body Butter Duos packed with Community Fair Trade ingredients.

The Body Shop continued to rally unprecedented customer engagement and support for its campaign to Stop Sex Trafficking of Children and Young People, and presented the biggest Human Rights petition ever to the European Union.

At end June 2011, The Body Shop has a total of 2,645 stores.

(1) Retail sales: total sales to consumers through all channels, including franchisees.

3) Galderma sales

Galderma's sales increased by +5.3%, like-for-like, and +13.6% based on reported figures.

Epiduo (acne), Clobex (scalp psoriasis), Azzalure (muscle relaxant for frown lines), Restylane (dermal filler for wrinkles) and Cetaphil (therapeutic skincare line) recorded double-digit growth rates.

While growth in the United States and Western Europe was challenged by pricing pressure from payers and by erosion from generic forms of some of Galderma's mature products, growth in Asia, Pacific and Latin America was particularly strong.

Q-Med, the Swedish medical device company acquired in March 2011, recorded sales growth of +18.1%.

B - Important events during the period 4/1/2011 to 6/30/2011

  • To the best of the company's knowledge, no events or changes occurred during the period which could significantly modify the group's financial situation.

“This news release does not constitute an offer to sell, or a solicitation of an offer to buy L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our Internet site
This news release may contain some forward-looking statements. Athough the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements.”

Contacts at L'ORÉAL

Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel.: +33 1 47 56 83 02

Financial analysts and institutional investors
Mrs Françoise LAUVIN
Tel.: +33 1 47 56 86 82

Tel.: +33 1 47 56 76 71

Tel.: +33 1 47 56 70 00

For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, and the Internet site for shareholders and investors,, or its mobile version on your cell phone,; alternatively, call +33 1 40 14 80 50.

C - Appendix

Appendix 1: L'Oréal group sales 2010/2011 (€ millions)

First quarter:  
Cosmetics4,445 4,861
The Body Shop164 170
 Dermatology112 130
   First quarter total4,722 5,160
Second quarter:  
Cosmetics4,617 4 644
The Body Shop170 168
Dermatology158 177
   Second quarter total4,945 4,989
First half:  
Cosmetics9,062 9,505
The Body Shop334 337
Dermatology271 307
   First half total9,667 10,150
Third quarter:  
The Body Shop172 
   Third quarter total4,852 
Nine months:  
The Body Shop506  
   Nine months total14,518  
Fourth quarter:  
The Body Shop249  
   Fourth quarter total4,977  
Full year  
The Body Shop755  
   Full year total19,496  

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