World number one cosmetic L'Oréal has reported net profit up 1.5% in the first half, and generally confirmed its 2014 growth targets turnover, but stating "comparable basis" and the results
At constant scope and exchange rates, sales increased by 3.8% over the period
In the second quarter alone, sales were down 0.7% to € 5.5 billion, and up 4.1% on a comparable basis
Growth was driven by divisions L'Oréal Luxury Products and Active Cosmetics, both up more than 7% in the last quarter on a comparable basis
While noting "an uncertain economic and monetary environment", CEO of L'Oréal, Jean-Paul Agon, said in a statement, said he was "confident in the group's ability to outperform the market again in 2014."
He expressed his confidence in the fact that L'Oréal would "achieve another year of growth in sales on a comparable basis, improve profitability, and growth in earnings per share."
The group has confirmed its overall objectives earlier this year, but added that the goal of sales growth was now expected organic
In the first half, the negative impact of exchange rates had a negative impact for 5.1% of sales, and the group expects that this impact should be about 3.5% for the full year
The band recorded in the first half operating margin of 18.2% of revenue, up 3 points from the previous year
L'Oréal has announced, following the completion in early July its strategic transaction with Nestlé, the Swiss sale of its 50% stake in Galderma would result in a net capital gain tax of about 2, 1 billion euros in the second half
The group also noted that the operation canceled 48.5 million shares acquired from Nestlé during this operation would have a positive effect of more than 5% of its full-year earnings per share