Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARIS (AP) — Leading global cosmetics company L'Oreal saw its sales grow 12 percent last year, with increases across old and new markets despite difficulties in Brazil and global economic uncertainty.
The Paris-based company reported Thursday that its net profit fell to 3.3 billion euros in 2015 from 4.9 billion euros the year before. It noted a 192 million-euro cost related to its Venezuelan subsidiary, higher tax costs and "disappointing" fourth-quarter performance at the Body Shop.
Sales at the company — whose holdings also include Lancome, Kiehl's and Yves Saint Laurent makeup and perfume lines — were 25.3 billion euros, from 22.53 billion euros in 2014.
L'Oreal said growth accelerated in the luxury market and in North America as well as in emerging markets from Russia to Saudi Arabia.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
