PARIS: French cosmetics and beauty products giant L'Oreal said Wednesday that its sales soared last year, surpassing pre-pandemic levels, as luxury brands became its top sellers.
Sales rose by 15.3 percent from last year to 32.3 billion euros ($36.9 billion), marginally above the analyst consensus figures compiled by Bloomberg and Factset.
"It's the largest growth in 33 years," chief executive Nicolas Hieronimus told AFP.
L'Oreal 2019 profit trimmed by one-off items
While he noted 2021 was a bit of an exceptional year given the market was rebounding from the pandemic, L'Oreal's sales have grown 8 percent from 2019, outperforming the overall beauty market which is just returning to pre-pandemic levels.
Hieronimus expressed confidence that L'Oreal would be able to continue to outperform the overall beauty market in terms of growth.
He put growth at 4-5 percent for this year, L'Oreal's pre-pandemic growth rate.
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