L'Oreal sales rise 9.4% in first quarter

L'Oreal, the world's biggest cosmetics company, reported on Thursday a promising start to the year, with sales rising by 9.4 percent in the first quarter to 5.64 billion euros ($7.4 billion). "These months reinforce our confidence in the group's ability to outperform the market in 2012, improve our position across the globe and achieve another year of sales and earnings growth," chief executive Jean-Paul Agon said in a statement. The group noted gains in all geographic zones of activity and across its various divisions, which include professional and luxury products. Agon acknowledged that the global economic environment "remained uncertain" however, after forecasting in February that the cosmetics market would show a gain "on the order of 4.0 percent in 2012."