L'Oréal

Beauty & cosmetics groups · OR.PA

The Japan read

From the company's own filing for H1 2026 (Jan–Jun) · reported 2026-07-29 · the filing

InboundL'Oréal says it grew in Japan, but that the market was 'penalised by a decline in tourism'; it gives no Japan figure, and Korea also grew.
Not disclosedJapan is folded into North Asia, which grew 4.6% like-for-like (2.3% reported) to €5.51bn in the half, with China the key driver and e-commerce over half the region's sales.

Other callouts in the filing

BasisRead North Asia's second quarter on the adjusted line: like-for-like growth of 14.5% shrinks to 4.5% once L'Oréal strips out shipment phasing ahead of its IT overhaul.
SegmentTravel retail is still held back by the situation in mainland China, though L'Oréal says it outpaced the market there.
BasisAcquisitions added 1.8% to sales: Kering Beauté's Creed, Bottega Veneta and Balenciaga have been consolidated since April, and a 50-year Gucci beauty licence is due to start on 1 July 2027.
OutlookL'Oréal gives no numerical target but expects 'another year of growth in sales and profit'; at end-June exchange rates, currency would trim full-year sales by around 0.6%.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

H1 2026 (Jan–Jun) · Year-to-Date

Reported 2026-07-29

Sales€23.8bn+5.8%

Operating profit€5.1bn+6.8%

Net income€3.5bn—

The Japan line here is the one to read: L'Oréal says it grew in Japan, but that Japan was "penalised by a decline in tourism" — the same inbound softness Japan's own railway and department-store operators are reporting this quarter, seen from Paris. Its North Asia zone turned over €5.51bn, up 4.6% on an adjusted like-for-like basis. Group sales rose 5.8% to €23.78bn (+6.8% like-for-like) and operating profit 6.8% to €5.06bn, a record first-half margin of 21.3%. Net profit attributable to owners was €3.55bn; the company did not state its reported growth, and gives €3.96bn excluding non-recurring items, up 4.7%.