News Source: Press Release
"Oriflame Cosmetics has reported a net profit of E37.2 million, or E0.65 per diluted share, for the first quarter ended March 31, 2010, a 54% increase, compared to E24.2 million, or E0.43 per diluted share, for the first quarter ended March 31, 2009.
Sales for the first quarter of 2010 were E361.9 million, compared to E341.3 million for the comparable quarter of 2009, representing an increase of 6%. Operating profit for the first quarter of 2010 increased 11% to E42.2 million, from E37.9 million for the first quarter of 2009.
Magnus Brannstrom, CEO of Oriflame Cosmetics, said: "As we have communicated earlier, the first half of 2010 will be challenging with tough comparables. This has proven true as growth in the first quarter was rather modest. However, we are comfortable with our outlook for 2010 of around 10% sales growth with an operating margin above 12% at current exchange rates.
"Given the growth at the start of the year, we will focus our resources even more towards top line growth. On the positive side, we see that currencies are moving strongly in our favour and if that remains it will have a positive effect on our operating margins for 2010."
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