Strong sales growth in 1st half of 2002: up 8.6% like-for-like

The consolidated sales of L'OREAL in the period to 30th of June 2002 amounted to € 7.4 billion.

Consolidated sales grew 5.6% compared with the same period in 2001. Based on identical structure and exchange rates, the like-for-like growth is +8.6%.

Currency fluctuations had a negative impact of 2.5% up to end of June 2002. Up to the end of March they had a positive impact of 1.3%.

The net impact of structural changes was -0.5% at end of June, primarily due to the sale of LANVIN in 2001.

Sales advanced in the group's two main branches as follows:
consolidated figures like-for-like figures
Cosmetics +6.1% +8.4%
Dermatology +12.9% +16.5%
Total (1) +5.6% +8.6%
(1) Including "Other businesses".
In his comments on the above performances, Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer of L'OREAL, pointed out that "the considerable fluctuations in exchange rates are expected to continue in the second half of the year. Nevertheless, the combination of strong organic growth, the continued improvement in margins and the currency hedging policy should allow L'OREAL to remain on-track with its initial results targets."

Pre-tax consolidated sales of the L'OREAL group for the first semester 2002 (05.08.02 B.A.L.O., page 19049)

First half financial report (Published in the Bulletin des Annonces Légales Obligatoires (# 117 issue, 25 September 2002), pages 20915 to 20919)