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Sales: 16.56 billion euros 

  • +3.3% like-for-like
  • -0.4% based on reported figures



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

"In the third quarter, L'Oréal recorded low growth because of a slight contraction in the Consumer Products Division, as the mass market hit an air pocket in Western Europe.


On the other hand, there has been a succession of good news since the end of the summer:



  • a steady mass market improvement in the United States
  • continuing market growth in emerging countries
  • the resumption of our market share gains in the mass market in Western Europe during the third quarter
  • continuing good momentum in our Selective Divisions
  • and lastly, the favourable turnaround in the monetary environment.



In view of these factors, we think the Group's like-for-like growth should reaccelerate in the fourth quarter, particularly in the Consumer Products Division. This trend should be amplified by an extremely positive currencies effect.


Meanwhile, we are actively pursuing the strategic strengthening of our portfolio thanks to targeted acquisitions of complementary brands whose development will fuel the Group's like-for-like growth: brands with strong local presence such as Magic in China and Niely in Brazil, and brands with high international potential such as NYX, whose digitally-based business model is also a source of inspiration for our brands.


All in all, 2014 should be another year of improved economic performance for L'Oréal, with the Group slightly outperforming the worldwide cosmetics market, improving operating profitability, and increasing its net earnings per share, thanks in part to the accretive impact of the strategic transaction with Nestlé. This transaction will also ensure very strong growth in net income, thanks to a capital gain of about 2 billion euros."

A - Sales at September 30, 2014


Like-for-like, i.e. based on a comparable structure and identical exchange rates, L'Oréal Group's sales rose +3.3%.
The net impact of changes in consolidation was +0.1%. 
Currency fluctuations had a negative impact of -3.8%. If current exchange rates (i.e. €1=$1.2583) are extrapolated up to December 31, 2014, the impact of currency fluctuations would be -2.3% for the whole of 2014.
Growth at constant exchange rates was +3.4%.
Based on reported figures, the Group's sales, at September 30, 2014, amounted to 16.56 billion euros, a decrease of -0.4%. 

Sales by Operational Division and Geographic Zone  

The announcement on February 11, 2014, of the disposal of 50% of Galderma leads to account for this business in accordance with IFRS 5 accounting rule on discontinued operations. In accordance with IFRS 11 accounting rule, Innéov has been consolidated under the equity method as of January 1, 2014. All figures for earlier periods have been restated accordingly. 


  3rd quarter 2014   At September 30, 2014
  Growth   Growth
  €m Like-for-like Reported €m Like-for-like Reported
By Operational Division            
Professional Products 745.3 2.6% 4.1% 2,250.3 2.8% 0.1%
Consumer Products 2,575.9 -0.4% -0.9%8,057.51.2%-3.2%
L'Oréal Luxe 1,499.24.9%4.2%4,402.46.5%3.2%
Active Cosmetics 380.311.3%9.0%1,301.29.0%4.9%
Cosmetics Divisions total 5,200.72.3%1.9%16,011.43.5%-0.4%
By Geographic Zone            
Western Europe 1,794.9-0.4%1.0%5,775.81.8%1.9%
North America 1,323.70.8%0.8%3,946.00.9%-2.7%
New Markets. of which: 2,082.05.8%3.4%6,289.66.8%-1.0%
Asia, Pacific 1,106.63.4%5.0%3,328.45.5%1.0%
Latin America 465.5 10.0% 2.7% 1,342.5 8.5% -5.2%
Eastern Europe(1)  370.1 5.9%  -2.7%  1,194.4  6.1%  -5.2% 
Africa, Middle East(1)  139.8 12.4%  11.7%  424.3  13.8%  10.1% 
Cosmetics Divisions total  5,200.7 2.3%  1.9%  16,011.4  3.5%  -0.4% 
The Body Shop  190.4 1.2%  5.8%  554.2  -0.7%  1.0% 
Group total  5,391.1 2.3%  2.0%  16,565.7  3.3%  -0.4% 

(1) As of July 1, 2013, Turkey and Israel, which had previously been recorded under the Africa, Middle East Zone, were transferred to the Eastern Europe Zone. All figures for earlier periods have been restated to allow for this change.

1) Cosmetics Divisions sales


The Professional Products Division posted growth of +2.8% like-for-like and +0.1% based on reported figures. In a market that is still difficult, the Division is improving its market share. 


  • Haircare, the number one contributor to growth, is being boosted by the success of Densifique and Discipline at Kérastase and Biolage and Oil Wonders at Matrix. In hair colour, Inoa at L'Oréal Professionnel and Color Graphics at Matrix are continuing their expansion. Styling remains dynamic, and the internationalisation of Essie is continuing.


  • The New Markets (excluding Japan) remain dynamic. The United States, Brazil and India are the main contributors to growth.



The Consumer Products Division recorded +1.2% like-for-like at end-September and -3.2% based on reported figures. The market is slowing down, held back in particular by poor summer weather in Western Europe.

  • L'Oréal Paris achieved growth thanks to the good performance in haircare, particularly with Fibralogy and the Huile Extraordinaire range, but also thanks to make-up with the success of Miss Manga mascara. Ultradoux by Garnier is maintaining its strong momentum with the Trésors de Miel launch. Superstay Better Skin by Maybelline is performing well and the brand is launching a new category with Brow Drama.


  • In Western Europe, the Division won market share in the third quarter in a contracting market. In North America, the trend of the Division is favourable and the Division is continuing to gain market share in haircare, with the sustained success of L'Oréal Paris Advanced Haircare and the strong dynamism of Garnier Fructis. The Division continues to make progress in South Asia. The Middle East and Spanish-speaking America are maintaining their fast growth.



The sales of L'Oréal Luxe grew by +6.5% like-for-like and +3.2% based on reported figures at end-September. The Division is continuing to gain market share.


  • The top performers are the brands Yves Saint Laurent, with the promising launch of the Black Opium fragrance, and Giorgio Armani, particularly with its fragrances Sì and Sì Intense. Urban Decay is continuing to record double-digit growth, and is launching its new mascara Perversion. The swift internationalisation of Clarisonic is continuing, and Kiehl's is achieving another year of high growth in all Zones. Lancôme is continuing to prove successful with La vie est belle, relaunching Visionnaire LR 2412 and taking the headlines with Grandiôse mascara and its revolutionary brush applicator. The Division is growing in all categories, particularly in make-up, which is being prioritised this year.


  • The Division is winning market share all over the world, especially in China, the United States and Western Europe. E-commerce activity is also expanding rapidly.



At end-September, the Active Cosmetics Division further improved its performance, with strong growth of +9.0% like-for-like and +4.9% based on reported figures.


  • Vichy had a good quarter in Europe with the renewal of its anti-ageing franchise LiftActiv, thanks to the launch of LiftActiv Suprême, the first daily facelift product. La Roche-Posay accelerated during the quarter with the renewal of the flagship product Lipikar Baume AP+, a revolutionary product for very dry and atopic skin. SkinCeuticals is continuing its international roll-out and the success of its innovative Resveratrol BE has been confirmed.
  • Driven by the strong momentum of its brands, the Division is accelerating and outperforming the market across all geographic Zones.



Multi-division summary by Geographic Zone


The Group achieved growth of +1.8% like-for-like and +1.9% based on reported figures. In a market that is slowing, particularly in the mass market channel, the Group won market share in the third quarter thanks to its initiatives in haircare, hair colour and make-up. The Group is continuing to recover in Southern Europe even though the economic context is still tough. The good performance of the Selective Divisions is also worth noting, with L'Oréal Luxe and Active Cosmetics continuing to gain market share.



L'Oréal posted +0.9% like-for-like and -2.7% based on reported figures. The Professional Products, Active Cosmetics and L'Oréal Luxe Divisions are continuing to win market share, particularly with the American brands Redken, SkinCeuticals, Urban Decay and Kiehl's. In a market with a slightly more favourable trend in the third quarter, the Consumer Products Division achieved improved results, notably thanks to L'Oréal Paris which is winning market share. The recent acquisition of NYX, a brand that is expanding very strongly, is complementing and boosting the product offering of the Consumer Products Division.




  • Asia, Pacific: At end-September, L'Oréal achieved growth of +5.5% like-for-like and +1.0% based on reported figures. If Japan is excluded, like-for-like growth reached +6.1%. Markets remain buoyant, although they are slowing. The Group is strengthening its positions, thanks to the very good performance of its brands Kiehl's, Yves Saint Laurent, Giorgio Armani, La Roche-Posay and Clarisonic. Amongst the countries, growth is high in India, Hong Kong and Australia. Magic Holdings, the acquisition made in China in the first half, is performing well.


  • Latin America: L'Oréal recorded +8.5% like-for-like and -5.2% based on reported figures. The Professional Products, Active Cosmetics and L'Oréal Luxe Divisions confirmed their good first-half performance, driven by L'Oréal Professionnel, Lancôme, Giorgio Armani, La Roche-Posay and Vichy. Growth in the Consumer Products Division is being driven by Maybelline, thanks especially to the kiosks initiative in Brazil, and by L'Oréal Paris with Elsève.


  • Eastern Europe: The Zone posted +6.1% like-for-like and -5.2% based on reported figures. L'Oréal Luxe and the Professional Products Division are continuing to achieve dynamic growth across the whole Zone. The Consumer Products Division is increasing its total market share in the Zone, with very good performances in deodorants, driven by the Garnier Neo launch, and in hair colour.


  • Africa, Middle East: The Group posted growth of +13.8% like-for-like and +10.1% based on reported figures. The brands are winning market share and proving extremely dynamic in South Africa, the Gulf states and Egypt, while there are contrasting situations in the Levant region. Amongst the categories, the Group has made breakthroughs in make-up, hair colour and, with L'Oréal Luxe, fragrances.




2) The Body Shop sales


At end-September, The Body Shop recorded sales of -0.7% like-for-like and +1.0% based on reported figures. Business is improving, with slight growth in the third quarter. Innovations are boosting the strategic skincare category. At September 30, 2014, The Body Shop has 3,056 points of sale, including those of Emporio Body Store in Brazil.



B - Important events during the period 07/01/14 to 09/30/14

  • On July 8, 2014, L'Oréal finalised the strategic transaction with Nestlé announced on February 11, 2014: the buyback by L'Oréal of 48.5 million of its own shares and the disposal by L'Oréal to Nestlé of its stake in Galderma. The sale of Galderma will result, in the second half, in a capital gain net of tax of about 2 billion euros.


  • On July 30, 2014, the acquisition of NYX Cosmetics, a mass market brand rooted in professional make-up artistry with its headquarters in Los Angeles, was finalised.


  • On September 8, 2014, L'Oréal announced that it had signed an agreement to acquire Niely Cosmeticos, the largest independent hair colour and hair care company in Brazil, with a net revenue of 140 million euros in 2013. The closing is subject to the usual regulatory approvals.


"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 www.loreal-finance.com
This news release may contain some forward-looking statements. Although 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."

This is a free translation into English of the news release of the Sales at September 30, 2014 issued in the French language and is provided solely for the convenience of English speaking readers. In case of discrepancy, the French version prevails. 

Contacts at L'Oréal

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

Financial analysts and institutional investors 
Mrs Françoise LAUVIN
Tel.: +33 1 47 56 86 82
[email protected] 
Tel.: +33 1 47 56 76 71
[email protected]

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, www.loreal-finance.com, or call +33 1 40 14 80 50.

C – Appendix

L'Oréal Group sales 2013/2014 (€ millions)

The announcement on February 11, 2014, of the disposal of 50% of Galderma leads to account for this business in accordance with IFRS 5 accounting rule on discontinued operations. In accordance with IFRS 11 accounting rule, Innéov has been consolidated under the equity method as of January 1, 2014. All figures for earlier periods have been restated accordingly.

First quarter:  
Cosmetics Divisions5,583.65,462.2
The Body Shop181.9176.4
First quarter total5,765.55,638.6
Second quarter:  
Cosmetics Divisions5,390.0 5,348.5
The Body Shop186.9 187.4
Second quarter total5,576.9 5,536.0
First half:  
Cosmetics Divisions10,973.6 10,810.8
The Body Shop368.8 363.8
First half total11,342.4 11,174.6
Third quarter:  
Cosmetics Divisions5,103.2 5,200.7
The Body Shop179.9 190.4
Third quarter total5,283.1 5,391.1
Nine months:  
Cosmetics Divisions16,076.8 16,011.4
The Body Shop548.7 554.2
Nine months total16,625.5 16,565.7
Fourth quarter:  
Cosmetics Divisions5,211.7 
The Body Shop287.0 
Fourth quarter total5,498.7 
Full year:  
Cosmetics Divisions21,288.5 
The Body Shop835.8 
Full year total22,124.2 

 Listen to the pre-recorded conference call held on November 3, 2014.