Executive Summary

• L’Oréal reported FY18 revenues of €26.93 billion, up 4% year over year and beating the €26.8 billion consensus estimate. L’Oréal reported FY18 EPS of €7.08, up from €6.65 in FY17, but slightly below the €7.11 consensus estimate. 
• L’Oréal’s comparable sales, which excludes the impact of acquisitions and sales and are expressed at constant exchange rates, grew remarkably by 7.1% in FY18, marking its best year of growth since 2007, following a strong 4Q18 increase of 7.7%.
• For FY19, consensus calls for revenue and adjusted EPS growth of 6% and 9%, year over year, respectively.