February 11, 2016 - 9:54 AM
PARIS - Leading global cosmetics company L'Oreal saw its sales grow 12 per cent 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.
News from © The Associated Press, 2016