L’Oreal SA said its third-quarter sales rose 15 percent, beating analysts’ estimates, as the euro’s decline boosted the value of revenue in the U.S. and other markets.

Revenue increased to 4.85 billion euros ($6.8 billion) from 4.23 billion euros a year earlier, the Paris-based company said in a statement. The average estimate of six analysts compiled by Bloomberg was 4.73 billion euros. Excluding currency fluctuations and acquisitions, sales gained 5.8 percent.

L’Oreal said in May it would benefit from a weak euro in 2010 as it converts earnings from other currencies and pays for “a non-negligible” portion of its costs in euros. The dollar was on average 11 percent stronger against the euro in the third quarter compared with the year-earlier period.

“2010 will be quite a good bounce-back year for L’Oreal after a terrible 2009,” Andrew Wood, an analyst at Sanford C. Bernstein, wrote in an Oct. 19 report. He has an “underperform” recommendation on the stock. L’Oreal climbed 2.49 euros, or 2.9 percent, to 87.43 euros in Paris trading today. The stock has gained 12 percent this year, giving the maker of Garnier shampoo and Men Expert moisturizer a market value of 52.4 billion euros.

“We are confirming our aim of strengthening, over the full year, our worldwide positions and the profitability of our businesses,” L’Oreal Chief Executive Officer Jean-Paul Agon said in the statement. L’Oreal is confident it can grow faster than the cosmetics market, which may expand between 3 percent and 4 percent this year, Agon said on a conference call.

Revenue, excluding currency shifts and acquisitions, gained 1.5 percent in western Europe, 3.8 percent in North America and 11 percent in so-called new markets, led by Latin America, where sales jumped 18 percent. “Brazil is on fire,” Agon said.

L’Oreal, which opened its first factory in Russia in September, is chasing growth in emerging markets, where demand for beauty products has surged as people earn more money. Sales grew 2.9 percent in eastern Europe and 12 percent in the Asia- Pacific and Africa and Middle East regions, the company said.

Sales at L’Oreal’s luxury division, whose products include Giorgio Armani scents and Shu Uemura cleansing oils, climbed 5.7 percent, excluding currencies and acquisitions. L’Oreal is slightly ahead of the luxury market’s growth, which may rise 5 percent to 6 percent this year, Agon said. Third-quarter revenue at the consumer products unit, the French company’s largest source of income, gained 6.5 percent on the same basis.