By David Sachs

L'Oreal on Thursday said first-half sales rose and reported a higher net profit as it confirmed its guidance.

The French cosmetics giant said net profit rose to 3.36 billion euros ($3.72 billion) from EUR3.22 billion in the first six months of 2022. Sales totaled EUR20.57 billion, up from EUR18.37 billion a year ago.

L'Oreal's operating profit rose to EUR4.26 billion from EUR3.745 billion in the first half of 2022.

The company highlighted record growth in the consumer products division and a particularly good second quarter for the dermatological business. L'Oreal said all regions grew, but Europe showed particular momentum.

In terms of outlook, L'Oreal aims to beat 2022's earnings and sales growth while outperforming the rest of the beauty market, which it said is achievable.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

July 27, 2023 12:44 ET (16:44 GMT)

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