L'Oreal says luxury growth slows, Asia tough
PARIS Nov 6 (Reuters) - L'Oreal on Tuesday posted a sequential revenue growth slowdown at its luxury and professional products division for the third quarter running as it signalled tough trading conditions in Asia and in its travel retail sales channels.
The world's biggest cosmetics group said comparable sales growth of luxury products such as Lancome perfume and Biotherm creams slowed to 6.6 percent in the third quarter, down from 8.7 percent in the second quarter and 12.2 percent in the first.
The same pattern was found for professional products, which include Kerastase shampoo and Essie nail polish, as like-for-like sales growth slowed to 0.1 percent in the third quarter, down from 2.7 percent in the second and 3.1 percent in the first.
Overall, L'Oreal, which confirmed its 2012 financial targets, saw its total revenue rise 4.6 percent like-for-like in the third quarter to 5.519 billion euros ($7.07 billion). ($1 = 0.7812 euros) (Reporting by Astrid Wendlandt; Editing by James Regan)
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