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L'Oreal (ORFP: Aa1/AA) 1H (to June) Results

CONSUMER CYCLICALS

L'Oreal joins Richemont and LVMH in bucking any consumer weakness; 16 straight quarters of organic growth - majority of those double digit. Some positive here for rising star hopeful Coty, though L'Oreal says it's growth in luxury and beauty was above market.

  • 1H sales at €22b (+7.3% LFL), operating margin at 20.8% (+10bps). Numbers look in-line with consensus.
  • By segment; the affordable consumer products division (38% of group) was +9%, Luxury (34%) was +2% with positive momentum into 2Q, Dermatological Beauty (17%) a strong +16% and Professional products (11%) +6%.
  • By region; Europe (33% of group) +11%, NA (26%) +8%, North Asia (25%) -1.7% (and declining momentum into 2Q), South APAC and MEA (9%) +15% and LATAM (8%) +14%.
  • It's reporting net debt at €6.5b - would be up on last years €4.8b. Regardless it will come down on seasonal WC reversing (this half -€1.7b vs. last years -€1.6b).

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