L’Oréal said on Tuesday that second-quarter sales were up 5.3 per cent like-to-like at €10.88 billion, below consensus expectations of 6 per cent and down from the first quarter’s 9 per cent growth. By division, Dermatological Beauty (including Cerave and La Roche-Posay) led the charge, with sales up 10.8 per cent like-for-like, but missing consensus expectations of 17.4 per cent. Sales in North Asia, which includes China, were down 2.4 per cent cent like-for-like, a deceleration compared with the first quarter when sales in the region were down 1.1 per cent. The beauty market was negative in mainland China in the second quarter “on a tough comparison base, exacerbated by lasting low consumer confidence”, the company said. More from this author:Armani Group logs single-digit sales decline in H1Luxury’s 2024 outlook: Growth shrinks as Kering strugglesHermès bucks luxury slowdown with 13% growth in Q2
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