The news: L’Oréal saw robust growth in Q1 despite signs of sluggishness in the US market and continued weakness in China.

• Like-for-like sales rose 3.5% YoY, surging past expectations for 1.3% growth.
• Strength in Europe and emerging markets like Brazil helped L’Oréal outperform the broader beauty sector.

The headwinds: The US “was more challenging than anticipated,” CEO Nicolas Hieronimus said on the company’s Q1 earnings call, citing a confluence of factors.