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Switzerland-based Oriflame Cosmetics, the direct seller of cosmetics and beauty products, announced financial results for the second quarter of 2018.
Local currency sales increased by 1 percent while Euro sales decreased by 7 percent to €321.9 million (€347.6 million). The number of registered actives decreased by 1 percent to 2.8 million.
“Despite facing significant currency headwinds, we are pleased to report an improved operating margin for the quarter,” said CEO Magnus Brännström. “However, the overall sales development during the second quarter was weak due to challenging market conditions in key markets such as Russia, Indonesia and Turkey. Sales were in most regions further negatively impacted by less successful product launches as well as timing of catalogues and conferences. We are taking measures to enhance sales growth by emphasized focus on categories that help us drive activity and recruitment. Oriflame has a solid financial position and we are confident in our ability to return to sustainable growth.”
For the six months ended June 30, 2018, local currency sales increased by 4 percent and Euro sales decreased by 5 percent to €656.1 million (€687.8 million).
To read the full Oriflame Q2 financial report, click here.