L’Oréal Chief Executive Nicolas Hieronimus told analysts the beauty market is now more likely to grow this year at the lower end of the 4% to 4.5% range he predicted in February.

L'Oreal reported a rise in first-quarter sales on Thursday, beating expectations for slower growth, as strong demand for its creams and perfume in Europe helped counter challenging conditions in the United States.

L’Oreal SA reported resilient sales growth in the first quarter, led by demand for high-end make-up and perfumes.