📰 ReutersReutersCodex · 实盘不做把握 5/10
北京时间·🕒 发布 00:08:11时区推断·⟳ 抓取 00:09:02·⚡ 决策 07-30 00:09:52 +50s·90.0 天前
欧莱雅二季度销售略超预期，头发护理与睫毛膏需求支撑增长
欧莱雅二季度可比销售增长6.3%，略高于Visible Alpha一致预期的5.7%，但预期差只有0.6个百分点。
📄 原文Reuters↗ 原文
The world's largest cosmetics company L'Oreal (OREP.PA) reported better-than-expected quarterly sales on Wednesday, bo…
不做 欧莱雅（OREP.FR）
财报销售仅小幅超预期，且欧莱雅为超大市值消费龙头，Luxe部门低于预期和中国旅游零售拖累限制短线edge，不做。
不做 联合利华（ULVR.GB）
只是被报道作为同行背景提及，美妆业务增长并非本条新披露催化，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 欧莱雅二季度可比销售增长6.3%，略高于Visible Alpha一致预期的5.7%，但预期差只有0.6个百分点。
- 大众消费品部门表现好于预期，欧洲与北美分别增长6.7%和5.9%，说明需求仍稳健。
- 高端Luxe部门增速4.7%低于预期，且中国旅游零售仍拖累增长，削弱整体重定价力度。
主要风险
- 这是排期财报披露且预期差较小，盘中传播后容易被快速消化。
- 欧莱雅为超大市值消费龙头，单季销售小幅超预期缺少短线足够弹性的可交易边界。
原文全文
展开原文 · 1,781 字
The world's largest cosmetics company L'Oreal (OREP.PA) reported better-than-expected quarterly sales on Wednesday, boosted by strong demand for new hair products and mascaras.
The Paris-based maker of CeraVe skincare, Maybelline make-up and Valentino perfume said sales for the three months to end-June came to €11.6 billion ($13.21 billion), up 6.3% on a like-for-like basis after adjustment for the phasing in of its new IT system.
That was slightly above expectations of 5.7% growth in a consensus of analysts provided by Visible Alpha.
The company typically outpaces the global beauty market, with a portfolio ranging from mass-market L'Oreal Paris brand makeup and creams to high-end designer perfume and shampoos used in hair salons.
While growth slowed from 6.7% in the first quarter based on tougher comparisons, sales in the company's largest business unit, comprising mass-market products, increased more than expected, helped in Europe by growth in hair products and "a remarkable outperformance online".
CEO Nicolas Hieronimus in April referred to the "lipstick effect", or buying cosmetics to feel better in stressful times.
That helped l'Oreal's sales in Europe, its largest region, where the cost-of-living crisis is biting, to rise 6.7% on an adjusted like-for-like basis, while sales in North America, its second-largest region, rose 5.9%.
Beauty peer Unilever (ULVR.L) on Tuesday reported underlying sales growth of 8% in its beauty and wellbeing unit for the quarter.
In L'Oreal's Luxe division, representing a third of its sales, growth lagged forecasts at 4.7%, despite posting double-digit growth in China.
Problems in China's travel retail sector continue to curtail growth, it added.
Shares in L'Oreal are up 4% year to date.
The Paris-based maker of CeraVe skincare, Maybelline make-up and Valentino perfume said sales for the three months to end-June came to €11.6 billion ($13.21 billion), up 6.3% on a like-for-like basis after adjustment for the phasing in of its new IT system.
That was slightly above expectations of 5.7% growth in a consensus of analysts provided by Visible Alpha.
The company typically outpaces the global beauty market, with a portfolio ranging from mass-market L'Oreal Paris brand makeup and creams to high-end designer perfume and shampoos used in hair salons.
While growth slowed from 6.7% in the first quarter based on tougher comparisons, sales in the company's largest business unit, comprising mass-market products, increased more than expected, helped in Europe by growth in hair products and "a remarkable outperformance online".
CEO Nicolas Hieronimus in April referred to the "lipstick effect", or buying cosmetics to feel better in stressful times.
That helped l'Oreal's sales in Europe, its largest region, where the cost-of-living crisis is biting, to rise 6.7% on an adjusted like-for-like basis, while sales in North America, its second-largest region, rose 5.9%.
Beauty peer Unilever (ULVR.L) on Tuesday reported underlying sales growth of 8% in its beauty and wellbeing unit for the quarter.
In L'Oreal's Luxe division, representing a third of its sales, growth lagged forecasts at 4.7%, despite posting double-digit growth in China.
Problems in China's travel retail sector continue to curtail growth, it added.
Shares in L'Oreal are up 4% year to date.
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