L'Oreal Operating Profit Drops 3.5%, Remains Upbeat for 2009

French cosmetics giant L'Oreal SA on Monday posted a 3.5% drop in 2008 operating profit due mainly to the consolidation of luxury cosmetics business YSL Beaute and higher marketing expenses, but said it remains confident it will weather the economic storm in 2009. L'Oreal, the world's largest cosmetics company, didn't provide guidance figures for 2009. "We are tackling 2009 with realism, confidence and resolve," Chief Executive Officer Jean-Paul Agon said in a statement. Operating profit for the year was