L'ORÉAL Group worldwide consolidated sales for 1998 totalled FF 75.4 billion (euros 11.5 billion), an increase of 9.1% on 1997.

Year on year, growth, excluding a negative exchange impact rate of 2.1%, amounted to an increase of 11.2 %.

The consolidation of new subsidiaries in the Cosmetics, Dermatology and Pharmaceutical Sectors in Western Europe and North America increased sales by 1.2%.

On a like-for-like basis, excluding the effects of changes in Group structure and at constant exchange rates, 1998 sales growth stood at a 10% increase versus 9.9% in the first half of the year and 8.4% in 1997. Sales growth by sector was as follows :

Sales Growth by sector (in percent)

published figures excluding exchange rate impact
Cosmetics + 9.6 % + 11.9 %
Dermatology
+ 24.9 % + 25.3 %
Pharmaceuticals
+ 6.8 % + 8.0 %
Sales growth by geographic zone was as follows :

Growth in Cosmetics Sector Sales by Geographic Zone (in percent)

published figures excluding exchange rate impact
Western Europe + 11.8 % + 12.1 %
North America + 12.7 % + 12.3 %
Rest of the world
- 1.0 % + 10.8 %
Based on preliminary estimates, consolidated results should be in line with the forecasts announced in October 1998. They will be published on February 24, 1999.