Good news for dropshippers as L’Oreal reported a 13% increase in first-quarter revenue, exceeding expectations thanks to robust business in the US and Europe as shoppers brushed off higher prices, but has yet to benefit from the end of COVID-19 limits in China.
Over the first three months to the end of March, sales of the French cosmetics firm, which offers brands ranging from Maybelline to Lancome, were 10.38 billion euros ($11.37 billion), reported Reuters.
According to a consensus estimate published by Barclays, the 13% increase on an organic basis exceeded analysts’ forecasts of 8.1% growth.
Sales increased by 16% and 16.6% in Europe and North America, respectively. The company highlights excellent success from its consumer products sector, which has been expanding upmarket, and its dermatological beauty division, which sells CeraVe skincare.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon