L'Oréal's sales for the nine months rose 2.2% to 12.912 billion. Like-for-like growth was 4.4%. But with the U.S. in recession and Europe likely to follow, the company has reduced its outlook for the remainder of the year.
“We had anticipated that the growth at the end of June would continue in the third quarter; however, since September, we have noted a clear slowdown in some markets in Western Europe and North America, and have been confronted with a contraction of purchasing by some distributors in view of the current economic crisis," explained Jean-Paul Agon, chief executive officer of L'Oréal.
As a result, the company trimmed its 2008 like-for-like sales growth to 4%.
"Confident in our development strategy, we are looking ahead to 2009 with realism, but also with the determination to continue strengthening our worldwide position thanks to the quality of our innovations and the richness of our brand portfolio,” Mr. Agon added.