Nine-Month Sales: 10.5 Billion Euros
Annual Growth Targets Confirmed Group

The consolidated sales of L’ORÉAL at 30th September 2003 amounted to € 10.5 billion.

Sales growth compared with the 9 months ending 30th September 2002 was +6.5% like-for-like, i.e. with identical structure and exchange rates, and –2.7% based on consolidated figures.

The impact of exchange rate fluctuations, negative at 10.5% for the first six months, amounted to –9.3% for the first nine months.

Like-for-like sales growth

  At 30th September 2003
Millions Like-for-like

By division
Professional Products 1 446 + 8,4 %
Consumer Products 5 783 + 7,6 %
Luxury Products 2 421 + 1,9 %
Active Cosmetics 590 + 11,1 %

By geographic zone
Western Europe 5 510 + 5,0 %
North America 2 845 + 4,2 %
Rest of the World 1 964 + 14,2 %
Cosmetics total 10 319 + 6,4 %
Dermatology 212 + 9,6 %
Group total 10 544 + 6,5 %

Sales growth in the third quarter at +5.2% was higher than in the second quarter, and in line with the annual forecast.

The following remarks can be made about the sales figures for the first nine months of 2003.

The Professional Products Division continued to achieve steady growth, making significant market share gains.

The Consumer Products Division also won market shares, thanks especially to the dynamism of products launched at the start of the year, despite a sluggish cosmetics market, particularly in the United States.

The Luxury Products Division achieved a significant sales upturn.

The Active Cosmetics Department again achieved very strong growth, especially thanks to the contribution of new markets.

At the same time as the announcement of these figures, Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer of L’OREAL, declared: “The strong growth achieved since September and the intense programme of new product launches in the fourth quarter suggest we can hope for an increase in sales of around 7% for the year as a whole. In view of these facts, I can confirm that the target in 2003 is to achieve another year of double-digit growth for net operational profit ".

Contacts at L'OREAL

Shareholders and market auhorities

Analysts and Institutional Investors
Mrs Caroline MILLOT


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