L'Oreal 2017 Net Profit Rises on Luxe Division Performance
By Anthony Shevlin
L'Oreal SA (OR.FR) said Thursday that net profit for 2017 increased 15%, driven by strong performances in its Luxe division and Active Cosmetics divisions.
The French cosmetics and consumer-products company said net profit was 3.58 billion euros ($4.42 billion), compared with EUR3.11 billion the year previous.
Sales rose 0.7% to EUR26.02 billion, said L'Oreal. Sales in the company's Luxe division stood at EUR8.47 billion, up 11%, and sales in the Active Cosmetics Division rose to EUR2.08 billion.
Jean-Paul Agon, chief executive of L'Oreal, said the company expects to outperform the market in 2018 and to achieve like-for-like sales growth and an increase in profitability.
L'Oreal's board intends to extend the tenure of Mr. Agon as director for four years.
The board also proposes to extend Belen Garijo's tenure by four years. Xavier Fontanet did not wish to extend his tenure as director, said the company, and Charles-Henri Filippi has resigned from his role as a result of his appointment at Lazard.
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(END) Dow Jones Newswires
February 08, 2018 12:48 ET (17:48 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.