Change makes L’Oréal better
The group has released a very strong year-end trading performance, especially in Asia Pacific. The better than expected revenue growth (9.6% lfl vs. consensus of 7.4%) in Q4 has led the group to finish the year with 8.0% lfl top-line growth and an improved operating margin of 18.6%. Following an annual lfl revenue growth of 25.5%, Asia Pacific (32.3%) has overtaken Europe in becoming the group’s biggest region in terms of sales contribution.
10 Feb 20