April 12, 2018 / 4:11 PM / 10 months ago

Luxury cosmetics drive sales beat at L'Oreal in first quarter

PARIS, April 12 (Reuters) - France’s L’Oreal, maker of Maybelline and Lancome beauty products, on Thursday reported better-than-expected like-for-like sales growth for the first quarter, driven by its thriving luxury unit and demand in Asia.

The world’s biggest cosmetics firm said sales between January and March reached 6.78 billion euros ($1.23 billion), a touch above the 6.75 billion euros forecast by analysts polled by Inquiry Financial for Reuters.

Like-for-like revenue growth, which strips out the effect of currency swings and acquisitions or disposals, was 6.8 percent, well above expectations of 5.6 percent.

On a reported basis, revenue was down 1 percent from a year earlier, L’Oreal said, as currency effects bit due to a strong euro. ($1 = 0.8118 euros) (Reporting by Sarah White Editing by Bate Felix)

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