By Joshua Kirby

L'Oreal SA said it remains confident of growth in the beauty market ahead, after sales and profit margins rose in 2022, and proposed a higher dividend for the year.

The French cosmetics giant made total yearly sales of 38.26 billion euros ($40.99 billion,) 11% higher than the EUR32.29 billion it booked in 2021 on a like-for-like basis.

This included fourth-quarter sales of EUR10.32 billion, just ahead of analysts' expectations for EUR10.20 billion, according to a poll compiled by FactSet.

Operating profit for the year rose 21% to EUR7.46 billion, with a margin that climbed 400 basis points to 19.5%.

Looking ahead, L'Oreal expects further sales and earnings growth in 2023, with confidence in the global beauty market and its own outperformance despite current macro uncertainties, Chief Executive Nicolas Hieronimus said.

For 2022, the company will propose a dividend of EUR6 a share, 25% higher than the payout for the previous year. The dividend will be proposed at an annual shareholders' meeting in April and paid the same month, L'Oreal said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

February 09, 2023 12:34 ET (17:34 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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