L'Oreal posts first-quarter like-for-like sales growth below forecasts

PARIS (Reuters) - L'Oreal posted a 2.2 percent drop in first-quarter sales on Monday, held back by slowing demand for its mass market products, which include Garnier shampoo and Maybelline make-up, particularly in North America. The French cosmetics giant reported revenue of 5.64 billion euros (4.65 billion pounds), up 3.5 percent on a like-for-like basis and below market expectations of over 4 percent. As usual, the group did not give specific guidance other than to say it expected to "achieve another year of growth of sales and profit growth". (Reporting by Astrid Wendlandt Editing by James Regan)