When exchange rates aren't in their favor, multinationals really like “like-for-like.” That was the case at L'Oréal, which reported first half results today. The company noted that on a like-for-like basis, sales rose 3.8%, but on a reported basis, sales declined 1.5% to E11.17 billion. In the second quarter, on a like-for-like basis, sales 4.1%, but as reported they fell 0.7% to E5.5 billion. By division, for the first half, professional products rose 3.0% like-for-like ...