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L'Oreal Shares Plummet After Sales, Profit Miss

By Helena Smolak


L'Oreal shares slumped early trading Friday after the company posted sales and profits below analysts' forecasts for 2023 amid a stagnating beauty market in China.

At 0826 GMT shares of L'Oreal traded 6.3% lower at EUR424.60, having reached their one-year high of EUR455.75 on Monday.

The French cosmetics giant said late Thursday that it posted sales of 41.18 billion euros ($44.39 billion) for 2023, up 7.6% in reported terms and 11% on a like-for-like basis.

L'Oreal's annual net profit increased 8.4% to EUR6.18 billion, while operating profit--closely watched by analysts and investors--grew 9.2% to EUR8.14 billion.

Analysts had forecast annual sales of EUR41.49 billion on a net profit of EUR6.25 billion and operating profit of EUR8.21 billion, according to consensus estimates by Visible Alpha.


Write to Helena Smolak at


(END) Dow Jones Newswires

February 09, 2024 03:44 ET (08:44 GMT)

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