PARIS (AP) -- French cosmetics giant L'Oreal reported solid sales and profit growth for 2011, driven by growth in emerging markets, which the company said would overtake western Europe as its most important region this year.
With sales in Europe suffering amid the global economic slowdown and the continent's debt crisis, the company behind the Lancome and Maybelline brands has aggressively pushed into Latin America and Asia. The company's 2011 sales for "new markets" were just behind those for western Europe last year and chief executive Jean-Paul Agon said they were expected to pull ahead in 2012.
The company reported Monday that its net profit was up 8.9 percent from a year earlier at euro2.44 billion ($3.23 billion) in 2011. Sales rose 4.3 percent to euro20.34 billion.
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