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Shares of the world’s largest cosmetics company L’Oreal
popped as much as 10% after it reported strong growth ahead of expectations after the bell on Wednesday.
Organic sales rose 7.6% in the first quarter to 12.2 billion euros ($14.3 billion), compared to expectations of around 3%, according to analysts. Stripping out the impact from one-off items, growth was 6.7% in the quarter.
“We not only outperformed a beauty market that remains dynamic but accelerated our market share gains around the world,” CEO Nicolas Hieronimus said.
