L'Oreal posts higher sales, profit in 2013February 10, 2014 @ 9:55 am
PARIS (AP) - French cosmetics giant L'Oreal says profits on sales of its Maybelline makeup, Garnier shampoo and other beauty aids helped lift earnings to a new record in 2013.
The company behind Lancome cosmetics and the Body Shop retail chain reported net profit of 2.96 billion euros ($4 billion) last year, up 3.2 percent from 2.87 billion in 2012.
L'Oreal, owned 29.5 percent by Swiss food giant Nestle, said in a statement Monday its profitability "reached a record level" of 16.9 percent of sales last year, and forecast still higher sales and profit in 2014.
L'Oreal says fourth quarter cosmetic sales were nearly flat, with slight declines in Western Europe and Asia Pacific offset by growth in North America.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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