Executive Summary

• L’Oréal 1H19 revenues grew 11% and adjusted EPS grew 7% year over year, both in line with the StreetAccount estimates.
• Comparable sales, which exclude the impact of acquisitions and sales and are expressed at constant exchange rates, grew a remarkable 7.3% in 1H19, marking its strongest first-half growth in more than a decade. The growth was mainly led by the company’s active cosmetics and L’Oréal luxe divisions.
• For FY19, consensus calls for revenues and adjusted EPS to both grow 10%, year over year.