Annual results 2023

• Sales: 41.18 billion euros, +7.6% reported and +11.0% like-for-like1

• Continued outperformance of a dynamic global beauty market.

• Like-for-like growth in all Divisions with particularly noteworthy performances in Consumer Products and Dermatological Beauty.

• The L’Oréal Luxe Division has become the global market leader (in sales) in luxury beauty.

• Double-digit like-for-like growth all regions except North Asia which continued to be impacted by the market softness in mainland China and the reset in Travel Retail.

• Continued growth in value and volume.

• Further operating margin improvement: 19.8% (+30bps); operating profit: 8,143.3 million euros.

• Earnings per share2: 12.08 euros, up by +7.3%.

• Dividend3: 6.60 euros, an increase of +10.0%.

 Net cash flow: 6.1 billion euros, up by +23.9%.

• Creation of the €15 million L’Oréal Climate Emergency fund to help vulnerable communities prepare for and recover from climate disasters.

 Sustainability leader: only company in the world to have been awarded a triple ‘A’ rating by CDP for eight years in a row; platinum medal by EcoVadis, which ranked L’Oréal in the global top 1% of best companies in terms of environmental and social performance.

Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said:

“2023 was a very successful year for the group. I am immensely grateful to our teams. Their creativity, entrepreneurship and passion enabled us to report a third consecutive year of double-digit like-for-like growth, once again outperforming a dynamic beauty market. We set a new operating margin record and delivered +7.3% EPS3 growth. In a challenging environment of geopolitical tensions, inflationary pressures, and a stagnating beauty market in China, we delivered our best like-for-like growth in more than 20 years (excluding 2021). This is a clear vindication of the power of our multi-polar model, and I am particularly pleased with the strong acceleration in emerging markets. As we head into 2024, we remain optimistic about the outlook for the beauty market, and confident in our ability to keep outperforming it and to achieve another year of growth in sales and profits. More than ever, L’Oréal is looking to the future – a future that will have Beauty Tech at its very core. Beauty Tech will shape our industry and enable us to further strengthen our leadership. It will allow us to know our consumers ever-better, to bring them ever-more impactful and sustainable products and services and to become ever-sharper in our execution.” 

1 Like-for-like sales growth: based on a comparable structure and identical exchange rates.

2 Diluted earnings per share (EPS), based on net profit, excluding non-recurring items, after non-controlling interests.

3 To be proposed at the Annual General Meeting of 23 April 2024