L'Oreal sales rise 1.8 percent as developed markets hold up

PARIS (AP) — French cosmetics maker L'Oreal says its sales edged up 1.8 percent in the first three months of the year to 6.55 billion euros ($7.41 billion) as gains in its main markets in Western Europe and North America offset a decline in Latin America.

Shifts in currency values weighed on the reported value of the sales. Not counting exchange rate changes, sales were up a much stronger 4.6 percent.

Chairman and CEO Jean-Paul Agon said in a statement Monday that the company "made a solid start in the first quarter" and that online sales had grown by a strong 35 percent.

Agon added he was confident that L'Oreal would perform better than the wider cosmetics market this year, and confirmed the company target to increase sales and profit.