L’Occitane International, a French cosmetics maker and retailer, is on track to reach its store expansion target this year despite slower global economic growth, as it reports a better-than-expected first-half profit growth.
The company posted a 16.3 percent year-on-year rise in net profit to EUR33.7 million (USD43.6m) for the six months to September. Sales grew 21.9 per cent to EUR449.2m.
Investors relations director Winnie Chin said the firm expected to reach the high end of its target to open 130 to 150 stores for this financial year. It opened 57 stores in the first half and added 10 from the purchase of a distributor in Ireland, raising the number of self-run stores by 6 percent to 1,120. Those operated by distributors rose 7 percent to 2,218.