{"text":[[{"start":9,"text":"L’Oréal reported its strongest quarterly sales in two years, boosted by a revitalised Chinese market and a “lipstick effect” that is driving demand for beauty products in crisis-weary Europe."}],[{"start":19.45,"text":"The world’s largest cosmetics group reported first-quarter sales of €12.2bn, up 6.7 per cent from the same period last year on an adjusted like-for-like basis. The figure, which beat analysts’ expectations, takes into account inventory fluctuations linked to an internal IT systems overhaul."}],[{"start":38.55,"text":"Shares in the Paris-listed owner of Maybelline and Lancôme rose 8.5 per cent in early trading on Thursday. "}],[{"start":45.849999999999994,"text":"Chief executive Nicolas Hieronimus hailed a recovery in beauty shopping in China linked to improved performance of the country’s stock market. He also credited the lipstick effect, where consumers turn to small indulgences for comfort in times of economic upheaval. “Europe for me is the absolute demonstration of what we call the ‘lipstick effect’ or the dopamine effect of beauty,” he said."}],[{"start":69.05,"text":"Hieronimus added there had been “absolutely no change in beauty consumption patterns” so far despite the soaring oil prices and global market turmoil unleashed by the Middle East conflict. However, he said that if higher costs of logistics and materials such as plastic persisted, the company may have to increase prices later in the year."}],[{"start":90.6,"text":"“We expect both the market and, more importantly, L’Oréal to grow faster in the full year of 2026 than it did in 2025, and of course, this start of the year is encouraging news for us,” Hieronimus told analysts on Wednesday."}],[{"start":105.14999999999999,"text":"He said the company’s consumer research showed that “even though consumers are worried and they have some preoccupations, they may cut on high-value items but they use beauty to compensate”."}],[{"start":117.3,"text":"Callum Elliott, analyst at Bernstein, said: “After two challenging years for industry growth and stock, L’Oréal appears to be turning a corner . . . This feels like a pivotal moment for the company.”"}],[{"start":128.65,"text":"Revenues in both Europe and north Asia, which is dominated by China, rose about 5 per cent in the first three months of the year on an adjusted like-for-like basis. Hieronimus said second-quarter sales were likely to be affected by the conflict in the Middle East, but that since the region accounted for less than 3 per cent of group revenues it was expected to be “manageable”."}],[{"start":149.70000000000002,"text":"L’Oréal’s strong results contrast with weaker performances at other consumer companies as well as luxury groups such as LVMH and Kering, where the Middle East conflict has knocked first-quarter growth."}],[{"start":171.35000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776945050_4870.mp3"}