L'Occitane says fiscal H1 profit down 3 pct

HONG KONG - Cosmetics group L'Occitane International S.A., the first French company to list in Hong Kong, said on Monday its net profit in the fiscal first half ended in September fell 3 percent from the year ago period.

L'Occitane, which listed in May 2010 on hopes of tapping China's consumption growth, said its profit fell to 29 million euros for the six-month period ended in September, against 29.9 million euros in the year-ago period.

That compared with a 19.1 percent rise in fiscal first half profit during the same period a year ago.

Net sales grew 11.3 percent to 368.5 million euros, from 331.2 million euros. Local currency growth was at 14.5 percent .

Same store sales growth was at 6.1 percent during the six month period compared with 3.6 percent a year ago.

The total number of retail locations increased to 1,899 from 1,642 a year ago, with own stores at 967 versus 826 a year ago.

L'Occitane had said in June that it would continue to invest in new stores in emerging and fast-growing developed markets in fiscal 2012 and planned to open 30 stores in China in fiscal 2012. It aims to open 549 stores globally in the next 5 years with just under one-third in Asia.

In August, L'Occitane said it bought the 49.9 percent stake it did not already own in L'Occitane Suisse S.A. and in L'Occitane (Korea) Ltd from Luxury cosmetics brand Clarins B.V., as it aims to expand its markets.

Shares of L'Occitane rose 4.5 percent on Tuesday, compared with a 1.97 percent gain in the benchmark Hang Seng Index. (Reporting by Donny Kwok and Twinnie Siu; Editing by Ken Wills)