Cosmetics group L' Oreal posted a 13.5 per cent rise in 2003 profit today to post its 19th consecutive year of double-digit growth.
The company said 2003 net operating profit rose to €1.65 billion from €1.46 billion a year ago amid product launches and strength in emerging markets.
Analysts had forecast €1.61 billion for net operating profit, which excludes goodwill and exceptional items.
Last year L' Oreal battled an economic slowdown and adverse currency movements, and war in Iraq forced it to skew its product launches towards the first and fourth quarters of the year.
But its performance was helped by what Chairman Lindsay Owen-Jones called "spectacular progress" in emerging markets as well as by innovation, new products and tight cost controls.
For this year the group expects internal sales growth, excluding currency effects, acquisitions and divestments, to improve versus last year's 7.1 per cent rise.