L'Oreal : H1 broadly in line but potential debate on the old & new growth engines
>H1 results broadly in line: 7.3% l-f-l, EBIT at +8% and EPS c. +4% - Yesterday evening, L’Oréal reported H1 results and Q2 sales broadly in line at the group level. Q2 l-f-l sales is +5.3% vs VA css of 5.6% (ODDO-BHF at 6.0%).H1 l-f-l sales is 7.3% vs VA css at 7.5% (ODDO-BHF at 7.7%).H1 operating margin at 20.8% is in line with VA css with a 5bp improvement (H1 2023 was 20.7%), with the gross margin improving by +50bp but SG&A rising strongly by +80bp...L'Oreal acts as a holding company. Through its subsidiaries, Co. plays a strategic coordination role and scientific, industrial and marketing coordination role on a global basis. Co. develops, manufactures and commercializes products for Skin care, Hair care, Make-up, Perfumes, Toiletries and deodorants, and Oral cosmetics. Co. has three branches: Cosmetics, Body shop and Dermatology. Co.'s principal activities comprise four divisions: Professional Products, Consumer Products, L'Oreal Luxe and Active Cosmetics. The Body Shop branch offers various cosmetics and toiletry products. The Dermatology branch offers topical dermatology prescription, and corrective and aesthetic dermatology.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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