LONDON (ShareCast) - French cosmetics giant L'Oreal reported revenue of 5.64bn euros in the first quarter, a 9.4 per cent increase from a year earlier and more than the 5.53bn euros expected by the market consensus.

Revenue from the cosmetics business rose 4% in the period although the global direct sales slowed down in 2011, the group pointed out.

"Although it is not possible to extrapolate from these figures, and despite the economic environment which remains uncertain, the first three months have reinforced our confidence in the group's ability to outperform the market in 2012, to strengthen its global positions, and to achieve another year of growth in both sales and profits," stated L'Oreal Chairman Jean-Paul Agon in the news release.

The company indicated that it is not worried about the luxury segment in Asia. It did not wish to comment on Coty's offer for Avon, Bloomberg reports.

By 12:27 in Paris, shares of L'Oreal were up 2.23% at €2.03.

S.C.

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