PARIS (Reuters) – L’Oreal’s shares slid lower on Wednesday after third quarter sales figures from the French cosmetics giant missed expectations, as low consumer confidence in China sapped demand for beauty products.
L’Oreal shares were down around 3 percent in early session trading.
Late on Tuesday, L’Oreal posted sales for the three months to the end of September of 10.28 billion euros ($11.10 billion), a 3.4% rise on a like-for-like basis at constant exchange rates, but below a Visible Alpha consensus of 6% cited by Jefferies.
“We expect a tough Q4 2024 and Q1 2025 ahead,” wrote JP Morgan in a note on L’Oreal, while Deutsche Bank analysts reiterated their ‘sell’ rating on L’Oreal.
($1 = 0.9263 euros)
(Reporting by Dominique Patton; Editing by Sudip Kar-Gupta)