French beauty company L’Oréal increased sales in the third quarter despite a more muted than expected recovery in China and a fall in travel retail in Asia.
Sales at the group, which owns brands ranging from Garnier to Lancôme, grew 11.1 per cent on a like-for-like basis in the most recent quarter ending on September 30, reaching a total of €10bn, just below consensus estimates cited by Barclays.
Strong growth in Europe and the US — L’Oréal’s biggest markets — largely offset a fall in sales of 4.8 per cent in north Asia, which frustrated expectations for a 14 per cent jump.
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