Executive Summary

• Global cosmetics giant L’Oréal reported total FY16 sales growth of 2.3%. The company grew revenues by a strong 5.1% at constant exchange rates and by a robust 4.7% on a comparable basis.
• All regions reported solidly positive revenue growth at constant currency, although The Body Shop’s revenues were down 4.8% as reported. The company said it outperformed the market in North America and Europe. L’Oréal Luxe was the strongest division.
• Total revenue growth came in fractionally below the 2.5% increase expected by analysts, but diluted EPS of €6.46 came in ahead of expectations of €6.40.