Executive Summary

• L’Oréal reported FY17 net sales of €26,024 million, up 0.7% year over year but below the consensus estimate of €26,153 million. Comparable sales were up 4.8% at constant exchange rates.
• The best-performing division in FY17 was L’Oréal Luxe, which reported comparable sales growth of 10.5%. Geographically, the Asia-Pacific region was the best performer, with comparable sales growth of 12.3% in FY17.
• For FY18, the company expects to outperform the market and to achieve significant growth in comparable sales and profitability.